Business rates apply to most non-domestic premises including shops, offices and warehouses.<\/p>\n
The bills are usually issued every April, generating around \u00a3720m annually.<\/p>\n
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.<\/p>\n
Stormont and councils normally decide their regional and district rates in the final months of each financial year.<\/p>\n
Overall the draft revaluations show a 15% increase in the total value of non-domestic properties since the last revaluation.<\/p>\n
For a business property with a new NAV of \u00a323,000, it could mean a \u00a3182 increase in its rates bill, depending on the regional and district rates.<\/p>\n
Hotels have overall had an 84% increase in their total valuations, while pubs have risen by 47%.<\/p>\n
LPS said the significant change reflects factors including improved conditions since the Covid-19 pandemic, as well as expansions and improvements to premises.<\/p>\n
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.<\/p>\n
Office values have increased overall by around 9%, driven largely by growth in Grade A offices in Belfast.<\/p>\n
Retail property values across Northern Ireland have also increased overall by around 9%.<\/p>\n
Approximately 67% of properties have had a revaluation at or below the increase of 15%.<\/p>\n","protected":false},"excerpt":{"rendered":"Business rates apply to most non-domestic premises including shops, offices and warehouses. The bills are usually issued every…\n","protected":false},"author":2,"featured_media":384552,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-384551","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/384551","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=384551"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/384551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/384552"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=384551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=384551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=384551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}