Businesses are being urged to submit evidence for business rates revaluation.
Land & Property Services (LPS) has contacted over 5,000 business ratepayers in the Fermanagh & Omagh District Council area to collect rental data for the non-domestic rates revaluation – Reval2020. This includes approximately 785 offices, 985 shops, 645 warehouses and 240 factories in the Council area.
Business ratepayers and their advisors must now provide rental evidence to LPS. In 2017/2018, business rates in the Fermanagh & Omagh District Council area generated over £36 million to help fund local and regional services. Letters explaining how ratepayers can submit information have been sent to occupiers of commercial premises. Most ratepayers will be able to submit their details online. LPS will use this information to analyse the current market and assess the rental value of every rateable property. The new values will be used to calculate individual business rate bills from April 1, 2020. Alan Brontë, Commissioner of Valuation for NI said: “This is a key stage in the process of revaluing properties occupied by businesses and other bodies. I would urge all business ratepayers in Fermanagh & Omagh District Council area to submit the necessary information to enable us to ensure their business rates are accurate. Regular revaluations maintain fairness in the rating system by ensuring business rates adjust to reflect changes in the property market.”