Local Businesses Eagerly Awaiting Business Premises Rates Revaluation Report
Retailers across Northern Ireland who are already struggling in the tough economic times will be keeping a keen eye on the new business rates revaluation report to establish if they are due a reduction in business rates from April 2015. All 73,000 non-domestic properties, including shops, offices and factories, have been officially revalued for the first time since 2001.
Rates bills are based on those valuations and those properties that have become relatively less valuable will now attract lower rates, which could result in new life being breathed into some ailing high streets with currently empty premises becoming more attractive with lower rates. On the other side of the spectrum, those facing higher bills will include large supermarkets and out of town retail park areas, along with areas which were previously mainly derelict and have undergone extensive regeneration since the last revaluation.