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NI Rates Revaluation postponed until 2015

26th May 2010

Finance Minister Sammy Wilson today announced his decision not to proceed with the revaluation of non domestic properties, planned for April 2011.

Speaking about his decision, the Minister said: “I announced last year that I was postponing the revaluation of non domestic properties until 2011. I had taken this decision in light of the instability in the local commercial property market, to allow time for the market to recover. I also wanted Land and Property Services to monitor the market and, if possible, review the valuations to reflect the changed conditions.

“The analysis my Department has undertaken over recent months supports the Commissioner of Valuation’s view that there is insufficient market evidence at this time to establish a reliable new Valuation List of non domestic properties. The analysis also suggests that, if the revaluation proceeded, it would fall well short of international valuation standards. I cannot allow this to happen because the stability of the tax base is all important, not simply for the Assembly but for local government finances as well.

In order to avoid any further uncertainty, the Minister has also announced that the next revaluation will now take place in April 2015. This will allow Northern Ireland to align with the next revaluation of non domestic properties in the rest of the UK, which is due to occur then.

1 Comment(s)

by Menhaj Uddin on 25th August 2011
If you are in the market for a house, land, or any other property, you should consider property to buy versus property to rent in the UK. The different options have different pros and cons that you should look at in order to make an informed decision. However, there are several things that are not to be compromised on when buying and when renting. You should not compromise on your particular needs such as on the desired space and design, you should not compromise on the quality of the workmanship, and you should not compromise on location vis-a-vis the intended purpose. When comparing property to buy versus property to rent in the UK, there are several considerations to make. You should consider you budget, the intended purpose, and such issues as security, parking, and the cleanliness of the neighbourhood. The greatest advantage of property to rent in the UK is the fact that you do not need a large initial investment. Property is very expensive in the UK and generating the required amount for buying is very difficult. Another advantage of property to rent in the UK is the fact that maintenance is taken care of by the property's landlord, leading to greater cost benefits. Yet another cost benefit is the fact that you are not the one to pay property taxes. Getting a property to rent in the UK is advantageous in that you are more flexible since you can move whenever the property does not meet your desires such as when there is a newer building with greater traffic where you can relocate your business. The greatest shortcoming of property to rent in the UK is the fact that you end up paying a lot of money for something that does not add to your asset base over time. Yet another disadvantage is the fact that rent is bound to increase over time while your income might not. Another disadvantage property to rent in the UK is the fact that you do not get to remodel the property as you wish to fit your business needs. Buying property in the UK is advantageous over getting property to rent in the UK in that properties in the UK appreciate very quickly and buying property is therefore a great investment. When you are running a business and you are the property owner, you get interest deductions and real estate tax deductions. Buying property in the UK is advantageous over getting property to rent in the UK because you will not need to make monthly or quarterly payments, meaning you will not be in trouble even when your business is not doing well. Once you no longer need the property, you could always sell it for a huge profit. The greatest disadvantage of property to buy over property to rent in the UK is the fact that moving is not an option. Even if you want to expand your business or to move to a more lucrative location, you cannot unless you lease out the property and take lease a property yourself. Another disadvantage of property to buy over property to rent in the UK is the fact that you need a lot of capital, capital that is not easy to come by in these lean times.

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