to Derry City & Strabane District Council - Governance, Resources - - PowerPoint PPT Presentation

▶
to derry city strabane district council governance
SMART_READER_LITE
LIVE PREVIEW

to Derry City & Strabane District Council - Governance, Resources - - PowerPoint PPT Presentation

Oct 18, 2023 34 likes •195 views

Non Domestic Revaluation Presentation 7 January 2020 to Derry City & Strabane District Council - Governance, Resources and Strategic Planning Committee by David Ross, Director of Valuation, LPS Reval2020 data in this presentation is

slide-1
SLIDE 1

Non Domestic Revaluation Presentation – 7 January 2020 to Derry City & Strabane District Council - Governance, Resources and Strategic Planning Committee by David Ross, Director of Valuation, LPS

Reval2020 data in this presentation is correct as at 18 November 2019

slide-2
SLIDE 2
  • 74,000 non domestic properties
  • Total Net Annual Value = £1,560m
  • £640 million p.a. rates revenue
  • Previous Revaluation was in 2015
  • Work on Reval2020 started mid-2017
  • April 2018 – Rent and Lease Questionnaires
  • Net Annual Value = Rental Value at 1 April 2018

Background

slide-3
SLIDE 3

Revaluations

  • A property tax system requires regular and frequent

revaluations to be fair and to minimise excessive adjustments.

  • NI - 1976, 1997, 2003, 2015 and now 2020.
  • Revaluations are about redistributing the rate burden.
  • A revaluation does not increase or decrease total NI

rates revenue

slide-4
SLIDE 4

Net Annual Value Growth 2015 2020 Overall NI Growth Total NAV £1,560m £1,667m 1.068 (6.8%) 2015 2020 Overall DC&SDC Growth Total NAV £117.5m £126.3m 1.075 (7.5%)

slide-5
SLIDE 5

Changes in NAV – DC&SDC

651 1,837 3,176 11.5% 32.4% 56.1%

  • 500

1,000 1,500 2,000 2,500 3,000 3,500

NAV decreased No Change in NAV NAV increased

slide-6
SLIDE 6

NAV Growth by Sector

Sector NI DC&SDC

Retail 0.98 0.99 Offices 1.09 1.13 Industrial 1.03 1.06 Warehouses 1.02 1.09 All Properties 1.068 1.075

slide-7
SLIDE 7

Changes in NAV – DC&SDC - Retail

59 1,078 351 4.0% 72.4% 23.6%

  • 200

400 600 800 1,000 1,200

NAV decreased No Change in NAV NAV increased

slide-8
SLIDE 8

Changes in NAV – DC&SDC - Offices

140 225 974 10.5% 16.8% 72.7%

  • 200

400 600 800 1,000 1,200

NAV decreased No Change in NAV NAV increased

slide-9
SLIDE 9

Changes in NAV – DC&SDC - Industrial

23 72 186 8.2% 25.6% 66.2%

  • 20

40 60 80 100 120 140 160 180 200

NAV decreased No Change in NAV NAV increased

slide-10
SLIDE 10

Changes in NAV – DC&SDC - Warehouses

102 240 763 9.2% 21.7% 69.0%

  • 100

200 300 400 500 600 700 800 900

NAV decreased No Change in NAV NAV increased

slide-11
SLIDE 11

NAV Growth and Rate Liability

  • 6.8% Growth at NI level adjusts the Regional Rate downward
  • After the 2015 Revaluation -
  • 2003-2015 – Growth 8.1%
  • Regional Rate 2014-15 - £0.3391
  • Regional Rate 2015-16 - £0.3186
  • Different Growth for each District Council will result in

different adjustments to each District Rate

slide-12
SLIDE 12

NAV Growth and Rate Liability

  • Rates can only be worked out when poundages are known.
  • Rate Bill = NAV x (District Rate + Regional Rate)
  • Jan-March - % changes to a property’s NAV compared to NI

and District Council averages will be used by LPS to give ratepayers an indication of their new liability.

  • Existing reliefs and exemptions are unchanged.
slide-13
SLIDE 13

Key Dates

  • Nov 2019: New values with Councils for District Rate setting.
  • 7 Jan 2020: Draft values online.
  • Mid-Feb 2020: District Rate poundages struck.
  • By mid-March: NI Budget & Regional rate struck.
  • By 31 March 2020: New Valuation List published online.
  • April 2020: Rate bills issued.
slide-14
SLIDE 14

Draft Values & Valuation List online

slide-15
SLIDE 15
slide-16
SLIDE 16

….. Find out more

  • www.finance-ni.gov.uk/reval-2020-ni
  • About Reval2020
  • FAQs and videos
  • NDR Factsheet for Local Councillors
  • Council Briefing Packs

Thank you. Questions.