Business rates apply to most non-domestic premises including shops, offices and warehouses.
The bills are usually issued every April, generating around £720m annually.
Business rates are calculated using a property’s Net Annual Value (NAV) alongside the regional rate, set by Stormont, and the district rate, set by councils.
Stormont and councils normally decide their regional and district rates in the final months of each financial year.
Overall the draft revaluations show a 15% increase in the total value of non-domestic properties since the last revaluation.
For a business property with a new NAV of £23,000, it could mean a £182 increase in its rates bill, depending on the regional and district rates.
Hotels have overall had an 84% increase in their total valuations, while pubs have risen by 47%.
LPS said the significant change reflects factors including improved conditions since the Covid-19 pandemic, as well as expansions and improvements to premises.
Industrial and warehousing values have risen by about 16%, which is seen as the result of strong demand from logistics and manufacturing as well as limited supply.
Office values have increased overall by around 9%, driven largely by growth in Grade A offices in Belfast.
Retail property values across Northern Ireland have also increased overall by around 9%.
Approximately 67% of properties have had a revaluation at or below the increase of 15%.