Rates review is a mixed bag

Rates are calculated by multiplying the net annual value of a building by a figure set by local councils and the Assembly. The new values come into effect from April 1 next year.

Many businesses on Bow Street will benefit from a cut in their rates valuation of up to 50%. This will likely have a significant impact on the level of rates payable. However a number of businesses particularly outside the City Centre can expect rises to their values and consequently to their rates.

The DUP Finance Minister Simon Hamilton claims that the revised rates are required to provide funding for essential public services.

Ratepayers will contribute to the funding of services relative to their 2013 rental value and it is because of this revaluation that some businesses will benefit while others will see with an increase in their Bill.

Councillor Alexander Redpath, the Deputy Leader of the UUP on the new Lisburn and Castlereagh Council commented: “As expected the results of the revaluation are a mixed bag. On the whole Bow Street seems to be benefiting from lower valuations.

“However I’m concerned at the impact of the revaluations on other areas. A particular area of concern is Hillsborough where many businesses on the main street have been revalued at a much higher level than before. Many businesses are being revalued at 20-30% higher values than before.

“At this stage it’s important to emphasise that a rise in your rateable value will not necessarily mean an increase in your rates. This will depend on the average rise and fall of valuations in Lisburn as a whole.”

Councillor Tim Mitchell, who works in a city centre retailer, added: “I’m glad to see a general fall in rateable values in Bow Street.

“However this will be balanced out by higher valuations for businesses outside Bow Street.”