Revaluation
Non Domestic Property Revaluation
The Finance Minister, Peter Robinson MP MLA has announced a rating revaluation of all non –domestic properties in Northern Ireland in 2010.
Business rates are a long established local property tax levied on all non-domestic ratepayers, proportionate to the rental value of each property.
It is necessary to periodically revalue the entire stock of non -domestic property, the last revaluation took place in 2003 using 2001 rental values and the one before that was in 1997. Such exercises ensure that the tax burden is fairly distributed among rate payers to take into account changes of circumstances on the ground.
POSTPONEMENT OF THE NON DOMESTIC REVALUATION
In the light of the continuing economic downturn, Finance Minister Sammy Wilson announced his decision to postpone the non-domestic rating revaluation on 23 September.
