The income from business rates is used to fund the general provision of services throughout the county including public lighting, footpath repair and maintenance, car parking, traffic management, parks, sports facilities and playgrounds, drains, river basin management and flood alleviation, litter management, enforcement of waste regulations, the fire service, planning service, libraries, community and arts facilities and Local Government representation. The business rates payable by a commercial occupier are calculated with reference to the property's ratable valuation, as set by the Valuation Office (ROI) and Land and Property Services (NI).
Republic of Ireland
Under the Valuation Act 2001, provision was made for a revaluation of all commercial and industrial property. The last revaluation in Ireland was completed in 1852 and currently all rateable valuations are based on rental values as at November 1988. Rental Values have adjusted considerably over the more recent past and a revaluation is required to bring a closer relationship between rental value and commercial rates liability. The Valuation Office (VO), the State property valuation agency, commenced a national programme to revalue all commercial and industrial property across all local authorities in Ireland. The VO’s intention is to carry out a revaluation of all relevant properties every 10 years.
Northern Ireland
The most recent revaluation in Northern Ireland took effect from 1st April 2015, with the majority of cases having now been closed. There are however a number of cases ongoing which we continue to monitor.
The next revaluation is due 1st April 2020, and will have an antecedent valuation date of 1st April 2018. Land and Property Services are currently working on their valuations. Lambert Smith Hampton have assisted in providing rental information, and will be in close contact with Land and Property Services during the course of the process.
Minimise operating costs
Commercial Rates are a significant annual operational outgoing for your business. There are only a limited number of instances in which your rateable valuation can be disputed including a local authority revaluation and a revision of the property as a result of a material change in circumstances. We provide a professional approach to proactively reviewing all information concerning the revaluation or revision of your property enabling a strategic assessment and negotiation of your annual rates liability.
Empty rates consultancy
Business rates are not only a punitive overhead for occupiers but a tax on property ownership as a result of a vacancy within the premises. Our specialist team offers a variety of solutions to reduce your outgoings on vacant property.