Hotels and pubs have had their valuations reduced in a new list used to calculate business rates in Northern Ireland.
Renewable energy assets are seeing the biggest increase in their valuation, rising by 70% on average.
The draft valuations for almost 75,000 businesses have been released by Land and Property Services.
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The revaluation process, known as Reval2023, creates a new non-domestic valuation list which will be used in the calculation of business rate bills from April 2023.
Business rates are charged on most non-domestic premises including shops, offices, warehouses, factories, hotels and pubs as well as utilities such as gas, water, electricity and wind farms.
The bills are calculated based on the Net Annual Value, which is an assessment of the market rent for a property, as well as the regional rate set by Stormont and the district rate set by councils.
Non-domestic rates currently generate around £650million a year in Northern Ireland.
The revaluation comes three years since the last valuation list in March 2020 - the shortest time between revaluations ever delivered in any UK jurisdiction, following calls by business ratepayers for more frequent revaluations.
The outcomes of the revaluation include many hospitality businesses seeing their values going down.
There was a broad decrease in the value of pubs of 15% across Northern Ireland, with Belfast showing a 2% decrease and outside of Belfast a 22% drop.
Hotels had a decrease of 24% on average across Northern Ireland.
Retail property values have fallen on many high streets and shopping centres, whereas neighbourhood supermarkets and smaller multiple supermarkets generally increased. The overall change in retail Net Annual Values was a decrease of 4% on the 2020 values.
The office sector's rateable value increased by 10% overall, while warehouse and storage property rose by 12% and manufacturing property by 11%.
The total value of non-domestic properties fell by 0.6% compared to the current valuation list, which was based on 2018 values. The new valuation was based on 2021 values.
Some 64% of properties will see no change or their rateable value decreasing under Reval2023, compared to 60% under Reval2020.
Around 75% of non-domestic properties here are entitled to some form of rate relief, which in the vast majority of cases will not be affected by the revaluation.
The outcome can vary for an individual property, and not all ratepayers will see a reduced rateable valuation. Some sectors and locations have experienced above-average growth.
Angela McGrath, commissioner of valuation at LPS, said: "The revaluation means that from April, ratepayers will contribute to the funding of essential public services such as health, education and infrastructure as well as a wide range of council services relative to their 2021 rental value, instead of 2018 values as at present.
"The amount of money raised through rates will not change as a direct result of Reval2023. The purpose of this revaluation is to maintain fairness in the rating system, not to raise more revenue."
Ms McGrath encouraged business ratepayers to view the draft schedule of values on the Spatial NI platform.
She said: "This will provide ratepayers with greater detail including a breakdown of how their value has been calculated as well as seeing the same information for similar properties in their local area and indeed for all similar properties across Northern Ireland.
"This gives ratepayers across Northern Ireland greater transparency in how the valuation has been calculated.
"I would encourage business ratepayers to go online and view the new draft values for their properties ahead of rate bills issuing in the Spring."
The draft values can be viewed online HERE, or phone LPS on 0300 200 7801 if there are difficulties in accessing the information online.
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