Thursday, 24 December 2020 News
It can pay to appeal your rates
In 2018 I acquired a retail warehouse unit for my client O'Neills, in the marlborough retail park in Craigavon.
The space was in a split up of a former B&Q.
At the time of the acquisition I provided the client with an estimate of the likely NAV for the unit for budget purposes.
Following occupation the client received a rates bill with the LPS NAV figure.
Following a review of the information presented the client and I, along with a rates specialist subcontractor, decided to appeal the estimate as it was in our view too high.
Two years we have managed to secure a 13% reduction in the NAV.
The client will now receive a rebate and will benefit from lower rates until the next revaluation.
If there is a material change in the asset you are acquiring or occupying it can pay to review the rates estimate presented to you by the local authority.