Draft valuation list published for Reval 2026
Businesses are being encouraged to check the draft valuation list to calculate their rates from 1st April 2026.
Land & Property Services has released the draft valuation list for non-domestic properties as part of Reval 2026.
Across Northern Ireland, retail property values have increased overall by around 9% compared to Reval 2023, with a stronger growth in Belfast and more moderate uplifts elsewhere. It is reported that many independent high street retailers will see no change in the NAVs.
Encouraging ratepayers to review the new valuation to be applied to their property, Angela McGrath, Commissioner of Valuation for NI said the majority of non-domestic properties are expected to see little or no change in their rates liability.
“Businesses are currently paying rates based on rental levels that reflect the economic and market conditions during the pandemic in October 2021. Reval updates this position by using more up-to-date rental evidence from April 2024,” she said.
“LPS will review any new or relevant information ratepayers wish to bring forward now and make updates where appropriate before the new valuation list takes effect in April 2026.”
Meanwhile, strong demand from logistics and manufacturing, coupled with limited modern supply, has driven industrial and warehousing rents upward, resulting in an overall sector increase of around 16%.
Although the Revaluation is revenue neutral overall, individual rate liabilities will shift. This means that a percentage increase in a property’s value will not lead to a rate bill rising by the same percentage. That is because poundages will be adjusted ahead of the rate bills issuing and will take account of the growth in property values at Reval 2026.
Typically, properties that have seen above average increases in their value will likely see their overall rating liability increase, resulting in a higher rate bill. Approximately 67% of properties, meanwhile, are at or below the increase of 15%.
Around 75% of non-domestic properties are currently entitled to some form of rate relief through schemes provided by the Department of Finance, through Land & Property Services, amounting to around a quarter of a billion pounds worth of relief.
A current consultation for enhancements to the Small Business Rate Relief scheme, which currently supports around 30,000 of the 75,000 non-domestic properties, is also currently ongoing and proposals will take account of the changes to the valuation list resulting from the Reval 2026 process.
To view the 2026 Draft Valuation List, query a valuation or submit information, go to: www.finance-ni.gov.uk/services/ni-reval2026-draft-valuation-list
