The draft 2023 Valuation List has been published for Northern Ireland.
The Valuation date, for purposes of the new list, is 1 October 2021 and so it’s important when looking at the availability of rental evidence to take into account how COVID may have affected it.
Here’s a quick summary of the Valuation List detailing changes between 2020 and 2023 values:
- An overall change of -0.6% .
- Total NAV for retail is down 4%
- Hotels are down 24%,
- Licensed premises are down 2%
- Warehouse NAVs have increased 12%
- Offices have increased 10%.
- Total manufacturing NAV have increased 11%
Within Belfast city centre, retail falls by 8%, industrial & warehousing goes up 20%, offices increasing by 14%, with licensed premises seeing the largest drop of 22%.
The district rate poundages have to be announced by February 15, 2023, with the regional rate poundage following on after. We will keep you posted on any updates with regards to this, taking into account the political turmoil on-going in the Province with the Northern Ireland Assembly currently still suspended.
You can see the full details here: Search – ValuationList.Web (finance-ni.gov.uk)