Friday, 28 February 2020 News
Northern Ireland draft rates revaluation list 2020 published
The Northern Ireland draft rates revaluation list 2020 has been released and this will provide businesses an opportunity to plan ahead for property tax costs in Northern Ireland.
As ever there will be those who benefit and those that don't.
In a recent exercise by my client Card Factory, who have some 42 stores in the region, they will see an overall benefit in the NAV'S applied to there portfolio in the region. The total NAV figures will be reduced by some 9%. That said, the new rates poundage still needs to be set in April 2020. Who knows maybe they will end up paying the same global amount or more.
While physical retail has been in general decline and rents generally reducing you would have thought values would have seen some dramatic reductions.
Our clients top three NAV reductions have been in: Antrim Castle mall, Belfast Park centre, Belfast Connswater which are showing a 30% plus reduction. Good news.
Our clients top three NAV increases have been in: Belfast Boucher shopping park, Bangor Bloomfield shopping centre and retail park, Belfast Ann Street which are showing a 20% plus increase. Bad news.
There is no doubt that they will be appealing some of the NAV's that have been set as well as checking that the figures have been correctly estimated.
Whatever way your business has been affected, you should at the very least check its been assessed correctly.
If you need some guidance and help in this area, just give me a call.....other do.