Retail NI Comments on Business Rates Revaluation 2020

Today, over 75,000 business properties in Northern Ireland will be finding out their updated rates valuations. Land and Property Services will publish today at 11am, a draft schedule of values online where business owners will be able to check their valuation and compare it with similar property types.

Retail NI and leading property consultant Osborne King will be jointly hosting an information seminar on the reval 2020 for independent retailers on 20th January.

Retail NI Chief Executive Glyn Roberts said:

“Reval 2020 is of crucial importance to independent retailers and business owners in Northern Ireland. The published draft schedule will give business owners an idea of what their new rates bill will be from April 2020”

“In the last revaluation, over 70% of Retail NI members saw an increase in their Rates Bill. It is our hope that that this revaluation will not be a repeat of this. It is absolutely crucial to get across to business owners is that they can appeal if they are unhappy with the draft valuation”

“Our system of antiquated business rates is broken and not fit for purpose in the 21st century. It is a scandal that Northern Ireland has now the highest business rates in the UK, which is restricting the growth of our retail and SME sectors. This reval should not add to any further burden to thousands of businesses struggling to pay their rate bills”

Osborne King Director Robert Watson said:

“The 2020 rates revaluation is an exercise to redistribute the rates burden based on notional rental valuations at 1 April 2018. The new valuations will form the basis of rates payable from 1 April 2020.

“Regardless of whether your valuation goes up or down following the revaluation, it is recommended you instruct an experienced qualified valuer to check your assessment and submit a challenge if appropriate. Even if your valuation has gone down you could still be paying too much.”

Glyn Roberts 07515710517