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

The post Draft valuation list published for Reval 2026 first appeared on Neighbourhood Retailer.

Land & Property Services (LPS) has confirmed that businesses will now have until the 31^st August 2024 to return the Reval2026 rent and lease questionnaire for non-domestic properties.

Reval2026 offers businesses the opportunity to have a say and help inform future rates bills by providing up to date information that will contribute to a new valuation list published on 1^st April 2026.

Regular revaluations help ensure business rates stay up-to-date and reflect local economic changes.

LPS will assess over 75,000 non-domestic properties for rates.

Completing the questionnaire is simple and Land & Property Services has experienced valuers available to help any business owner who needs advice.

The easiest way for businesses to submit their information or seek advice is online by visiting www.finance-ni.gov.uk/reval2026

The post Deadline extended for Reval2026 rent and lease questionnaire first appeared on Neighbourhood Retailer.

Letters and emails were issued from 8^th April, with LPS explaining it was revaluing all non-domestic properties in Northern Ireland for business rates.

The RALQs must be completed by 30^th June 2024, with new rates bills issued from 1^st April 2026 based on April 2024 rental values.

To complete your Rent and Lease Questionnaire you will need:

• your Property ID and Password – you will find these on your invitation email and/or letter
• your lease or tenancy agreement
• you may need other details, such as the turnover of your business

If you haven’t yet received an invitation to complete a questionnaire or want to get in touch with the Reval team, you can do so online.

There is a special page online with full information and contact details – https://www.finance-ni.gov.uk/landing-pages/ni-reval2026

The post LPS issues letters ahead of Reval 2026 first appeared on Neighbourhood Retailer.

PRA executive director Gordon Balmer told industry reps at its Business Breakout session at the Crowne Plaza hotel that the group has fielded more than 100 media interviews over the course of the fuel crisis, including outlets in Australia and the US.

During a visit to Northern Ireland with outgoing PRA chairman Brian Madderson, he explained the background to the fuel crisis and how confidential remarks at a Cabinet meeting were leaked to media, sparking a round of panic-buying.

He revealed that pump prices had hit their highest level since September 2013, with wholesale price rises of more than 4p/litre week on week during the height of the crisis, and warned against the wisdom of the Government increasing fuel duty in November.

Updates

Mr Balmer updated reps on the demographics of Northern Ireland’s market – of 571 sites, 61 are owned by the supplying oil company, 472 are dealer-owned and 38 are operated by multiples.

During the year, the PRA has been lobbying government over the Road to Zero strategy, ATMs and the future of cash and forecourt crime drive-offs.

This week, the PRA has been in a series of meetings with Stormont departments, discussing a variety of issues, including road fuels, organised crime, the introduction of E10, EV charging and the need to improve infrastructure, business rates and fuel laundering. The PRA also met with the PSNI to discuss forecourt crime.

Mr Balmer said the group had been talking to the DVLA and the government about the importance of being able to extract keeper’s details in a timely manner after a driver has left the forecourt without paying.

Many police forces don’t deal with this type of crime, so some UK forecourts have been working with Forecourt Eye – but their efforts are hampered if they can’t get timely details about the vehicle keeper and the crime may have to be written off.

Human trafficking

Meanwhile, Mr Balmer said the PRA had been talking to the Department of Justice about human trafficking and slavery and the issue of hand car washes.

The Car Wash Association is concerned about non-compliant hand car washes and has warned fuel retailers who allow a third party hand car wash to operate on their site of the steps they need to take to ensure that there will be no threat to their own reputation, including having a legally binding lease, planning consents including operational days and times, no labour abuse, and valid Right to Work documents.

Mr Balmer also discussed the latest business rates revaluation in Northern Ireland, pointing out that questionnaires are now available on line and responses must be back to LPS by the end of December.

Transformation

The pandemic has transformed UK forecourts, with fuel retailers increasing their focus on non-fuel categories, Mr Balmer said.

Fewer than 1 in 10 of their shoppers during the pandemic were there on a fuel mission, and the pandemic saw many forecourts operate as standalone convenience stores, with sales of ambient food and chilled ready meals key to that success.

Forecourts are ideal for price-marked promotions, and operators are now utilising apps, allowing them to get to know their customer base better, he said.

The meeting also heard from Adrian Tallant from Eurotank, comparing techniques for cleaning fuel tanks; Kristine Moore from Henderson Technology, who discussed the latest developments in PoS technology and how they can help stores, and Julian Eiers of Edge Petrol who revealed how the company can help forecourts to analyse their data to maximise their fuel pricing strategy.

The post Petrol Retailers Association on intensive visit to Northern Ireland following hectic media round at height of fuel crisis first appeared on Neighbourhood Retailer.

Finance Minister, Conor Murphy announced a revaluation of all 74,750 non-domestic properties.

Known as ‘Reval2023’, this process will result in a new non-domestic Valuation List being used to calculate business rate bills from April 2023.

Following the announcement Retail NI Chief Executive Glyn Roberts said: “There is no doubt of the positive contribution, Minister Murphy and his department has made in delivering support grants and a rates holiday to many of our members during this pandemic”

“However, given their negative experience of the last rates revaluation, many independent retailers and small business owners will no doubt approach the 2023 Reval with trepidation”

“The last Reval in 2020 resulted in many independent retailers seeing increases of between 20-40% in their rate bills and actually reduced rates liability for large out of town supermarkets.”

“Tesco Knocknagoney, a huge out of town superstore, which has an unfair competitive advantage with its location over town centre traders, with free car parking, no traffic attendants and a public transport link, actually received a reduction of 15%”

“At a meeting with the Minister this week, we urged him to ensure that these mistakes are not repeated with the 2023 Reval and to begin a wider reform of our dysfunctional, antiquated and broken system of business rates”

Covid impact

Minister Murphy said: “Reval2023 will maintain fairness and ensure businesses are paying rates which take account of the impact of the pandemic.”

“Since April 2020, I have provided over £500 million of additional business rates support, with many businesses paying no rates at all over two years. The Executive has also provided significant financial support to businesses in the form of grants.”

Land & Property Services will begin collecting property information from business ratepayers later this year. This important information will form a database of new rental values as at 1 October 2021, instead of the current 2018 values, and will be used in assessing new rateable values for every property.

Reval2023

Reval2023 means LPS (Land & Property Services) will be revaluing all business properties in Northern Ireland. The new values will be used to calculate rate bills for businesses. The Department of Finance says the revaluation will ensure that the rating system stays up-to-date, reflects local economic changes and makes the system fairer by redistributing rate liability fairly across all sectors in line with changes in market rental values.

The last revaluation of business properties in Northern Ireland was in 2020 and saw many business property rates hiked up – while out of town superstore Tesco Knocknagoney got a reduction of 15%. Previous to that, the 2015 revaluation was based on April 2013 rental values.

Reval 2023 is intended to ‘ensure that the rating system remains closely aligned to market values for business ratepayers and that the new revaluation is completed within a five year period.’

The reality is it could put many small town and city centre businesses in jeopardy.

Neighbourhood Retailer

Newsletter Sign Up Link > http://eepurl.com/deWOqf

The post Business rates revaluation ‘Reval23’ – many small retailers will be worried first appeared on Neighbourhood Retailer.