Commercial occupiers urged to provide accurate information for rates valuation
COMMERCIAL property occupiers have been urged to provide accurate information to ensure to receive the correct rates valuation.
Land and Property Services (LPS) issued Rent & Leasing Questionnaires (RALQ) this week to all owners and occupiers of commercial property in the north requesting full details of the tenure of their property. The information will be used by LPS as it revalues all 75,000 non-domestic properties in Northern Ireland for the purposes of the 2020 revaluation.
Tracy Flannigan, director of advisory and transaction Services at CBRE, said:
“It is very important that full and accurate rental evidence is supplied including details of incentives such as capital contributions, rent free periods, service charge caps etc.”
“Rates are a significant cost for businesses and it is essential that RALQ's are completed fully, accurately and in a timely fashion. It can be a complicated process and it's worth taking professional advice," she added.
Alan Brontë, commissioner of valuation for Northern Ireland said: “I would urge all business ratepayers to submit the necessary information to enable us to make the system fairer for all; this is not an exercise in raising more money for public services."
The new rates valuation list will be published on April 1 2020 but it is anticipated that a draft list will be made publicly available to enable ratepayers to review their new rateable values in late 2019.