Belfast CastleCourt retailers may see rates cut in official revaluation
Retailers in CastleCourt Shopping Centre may see their rates cut after a massive official revaluation.
The Department of Finance has revalued all businesses premises around Northern Ireland to reflect changes in trading and the economy.
And the impact of the process on hotels also reflects growth in tourism, with hotels in Belfast possibly facing a 52% jump in rateable values.
For example, the rateable value of the Hilton Hotel has grown from £425,000 to £455,000. In the case of CastleCourt, its rateable value is falling from £1,000 per square metre to £800.
However, other types of retail such as convenience stores may see an increase in their rateable value as more people are turning to corner shops for their groceries. In contrast, big units like Tesco superstores will see a fall in their values.
Across Northern Ireland as a whole, Reval 2020 found a 6.8% increase in rateable values of all business properties.
The values will be used to set rate bills this year, along with levels set by district councils and the Department of Finance.
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