NI Reval2023 – Setting of Decapitalisation Rates

Overview

Department of Finance Consultations / Setting of Decapitalisation Rates

The Department of Finance, Land & Property Services is taking forward a consultation exercise on a technical valuation matter relating to the ongoing Northern Ireland Revaluation of Non-Domestic properties (NI Reval2023).

The consultation paper relates to a valuation methodology known as the Contractor’s Basis. This methodology is used to value properties such as schools, universities, hospitals, fire and police stations, halls and airports, amongst others. The consultation specifically seeks views on the methodology to be used in the setting of decapitalisation rates within the Contractor’s basis of valuation.

The consultation process will last for a period of eight weeks during which time organisations and individuals are invited to submit their views.

Responses should be provided by close of business on Wednesday 15 December 2021.