More than 75,000 Northern Ireland business properties revalued as LPS publishes draft Reval 2026

More than 75,000 non-domestic properties across Northern Ireland have been revalued following the publication of the draft valuation list for Reval 2026 by Land & Property Services (LPS).

The draft list, released this week, will form the basis for business rates from 1 April 2026, and LPS is urging ratepayers to review their new valuations now to ensure accuracy before the list is finalised.

Non-domestic rates apply to a wide range of premises, including shops, offices, warehouses, factories, hotels, pubs and utilities such as gas, water, electricity infrastructure and wind farms. Collectively, these rates generate around £720 million each year for public services in Northern Ireland.

Overall values rise by 15% since last revaluation

As part of Reval 2026, LPS has reassessed properties using up-to-date rental evidence from April 2024, reflecting changes in market conditions since the last revaluation, which was based on pandemic-era values from October 2021.

The draft valuation list shows an approximate 15% increase in the overall value of non-domestic properties across Northern Ireland since the previous revaluation.

Revaluations are revenue-neutral, meaning they do not raise additional income for government. Instead, regional and district rate poundages will be adjusted to ensure that total revenue remains broadly the same, despite changes in individual property values.

Call for businesses to check their valuations

Angela McGrath, Commissioner of Valuation for Northern Ireland, said the process is designed to ensure fairness across the rating system.

“Reval 2026 is about ensuring that rates are distributed fairly based on current rental evidence.

“Businesses are currently paying rates based on rental levels that reflect the economic and market conditions during the pandemic in October 2021. Reval 2026 updates this position by using more up-to-date rental evidence from April 2024.

“The majority of non-domestic properties are expected to see little or no change in their rates liability.

“I would encourage ratepayers to go online to review the new valuation to be applied to their property and that of similar properties. LPS will review any new or relevant information ratepayers wish to bring forward now and make updates where appropriate before the new valuation list takes effect in April 2026.”

How different sectors are affected

The revaluation outcomes vary by sector and location:

• Overall growth of 15% across all non-domestic property sectors.

• Office values have increased by around 9%, driven largely by demand for Grade A office space in Belfast.

• Retail properties have also risen by approximately 9% overall compared to Reval 2023, with stronger growth in Belfast and more modest increases elsewhere. LPS says many independent high street retailers will see no change in their net annual values (NAVs).

• Industrial and warehousing properties have seen the strongest uplift, with an increase of around 16%, reflecting strong demand from logistics and manufacturing and a limited supply of modern premises.

• The hospitality sector, which was heavily impacted during the pandemic, shows wide variation. While some businesses may see decreases, the majority will experience substantial increases due to improved trading conditions, expansion and investment in premises since the last valuation date.

What it means for rate bills

Although property values have increased overall, LPS has stressed that a rise in valuation does not translate directly into the same percentage increase in rate bills.

Poundages will be recalculated ahead of billing to reflect the growth in values. Properties experiencing above-average increases are more likely to see higher bills, while around 67% of properties are at or below the average 15% increase.

Rate relief remains crucial for most businesses

Around 75% of non-domestic properties currently receive some form of rate relief, delivered through schemes administered by the Department of Finance and LPS. These reliefs are worth around £250 million annually.

A consultation on enhancements to the Small Business Rate Relief scheme is currently under way.

The scheme supports approximately 30,000 of the 75,000 non-domestic properties, and any changes will take account of the new valuation list arising from Reval 2026.

LPS has confirmed that industrial derating, sport and recreation relief, and charitable rate exemptions are unaffected by the revaluation.

Domestic ratepayers with no associated business element will also see no impact, as the exercise applies solely to non-domestic properties.

How to check your valuation

Businesses can view the draft list, query a valuation or submit supporting information online by tapping the button below.

Check my valuation

LPS is encouraging early engagement so that any corrections can be made before the new valuation list comes into force in April 2026.