AQW 19036/22-27 Written question to the Minister of Finance
To ask the Minister of Finance to detail any plans to review the assessment process of non-domestic rates.
Asked by Claire Sugden MLA on 29 November 2024
- Answered
- Written
- Tabled
- 29 November 2024
- Answer due by
- 16 December 2024
- Answered
- 4 December 20245 days after tabling
- Department
- Department of Finance
- Priority question
- No
Answer
There are no plans to review the assessment process of non-domestic rates. Non-domestic rates are assessed on the basis of statutory provision, and critically valuation treatment and valuation caselaw which is broadly harmonised both here and England, Scotland and Wales.
However, in April 2024, I announced a new non-domestic revaluation, Reval2026. This is an exercise to revalue all non-domestic properties for business rates, marking the fourth revaluation of this type in the last ten years.
Regular revaluations are essential due to fluctuations in the property market caused by changes in economic conditions, market sentiment, and local developments.
A revaluation serves to re-base property valuations, and the relativity between property types and locations to account for these changes, ensuring the distribution of the rate burden fairly reflects up to date, accurate market values. It is not a means of raising more revenue.
Reval2026 valuations are based on a valuation date of 1 April 2024.