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Rates Revaluation – Have you checked your new valuation?

The Department of Finance & Personnel has undertaken a rates revaluation on all non domestic properties. This rates revaluation will pretty much determine the rates payable by all Non Domestic rate payers from April 2015, every year for the next five years.
Your non domestic rates bill is calculated on your net annual value (NAV) multiplied by district and regional rates and is payable by all local privately owned businesses.
The new NAV for your business was calculated by reverence to market evidence obtained by the Department received in relation to market rents from local Commercial Estate Agents and the Ratepayers themselves.
Newry Chamber of Commerce & Trade is concerned that the initial feedback received from its members is that the new NAV figures for businesses in Newry are substantially higher than the rental market values that prevailed in Newry in 2013.  Should the proposed NAV’s remain in place, it will result in many ratepayers paying substantially higher rates than there were prior to the non-domestic rates revaluation.
In order to ensure that a fair and reasonable assessment of the property rental market that prevailed in Newry in 2013 is adopted by the Department, we need to gather as much market evidence that is available to understand the market conditions that prevailed at this time.
In order therefore that we can respond, collectively on your behalf and lobby for the proposed NAV’s to be reduced, we would be grateful if  you could review your property on the Land And Property Services (LPS) Reval 2015 website (below), complete the attached form below and return to Newry Chamber of Commerce by latest 12 December 2014.
Only through the collection of  rental evidence will we be able to lobby LPS to review their assessment of NAV figures for Newry with the aim to reduce rates for Newry businesses.
Please circulate this form to all other businesses and non-domestic property owners.
Should you have any queries, please do not hesitate to contact Orla Jackson, Newry Chamber: 028 3025 0303.  If you have any technical questions regarding the revaluation or the completion of this form, please contact Patrick Murdock on 07747 608854.
Reval Website:   www.reval2015ni.gov.uk 
Email Completed Survey to: info@tng1.arrowhitech.net