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Change to business rates

The new Rating Revaluation of Commercial properties scheduled to come into effect from April 1 this year will impinge on local businesses with many Newry traders seeing the rateable value of their property rise by 38 per cent. With the rate having previously been brokered in 2003, based on 2001 rental levels has seen a few issues in the rate list to be corrected. Whilst most premises will see an increase in their rate, the Buttercrane and Quays Shopping Centres will see a reduction of 20 per cent in theirs. Whilst there won’t be any overall increase in rate revenues received there will be a rebalance to reflect changes in property values. “The rate in the pound for the new for the new Newry Mourne and Down Council will be approximately 53.8p, from 58p and this partially offset any rates increase,” explains Brian Clarke, Surveyor of Best Property Services. This will effect 3,949 properties in the Newry and Mourne area including approximately 1200 shops, 730 offices and 99 public houses. “As a result of the revaluation rateable values for offices in general have risen by 38 per cent. It’s not all rises though – some properties will have a reduction rateable revaluation notably both the shopping centres in Newry which will have a 20 per cent reduction in their assessment,” Brian adds. There are approximately 73,000 properties across Northern Ireland affected by the revaluation and property owners will receive notification from Land and Property Services advising them of their new valuation for the new financial year. “We are working with a number of property owners at present preparing appeals to be submitted post April 1,” he said. “Any appeal would have to be supported with rental evidence that would show that the LPS assessment is wrong and the process has opnly a six month window. If property owners are concerned about their new valuation there is an appeals process which we can support them through.”


Newry Democrat

31st March 2015