NI Socialists Unite

Bootser · April 28, 2006

Teams from the government's Valuation Land Agency are in the throes of completing a massive revaluation of every single household in Northern Ireland.

Northern Ireland's houses are being valued for rating

That is more than 750,000 homes.

When it is complete, ratepayers will be told in June the official value of their homes.

Previous to this houses had a notional rentable value. That is the value the house would be likely to raise if it was rented out.

But population moves and major changes in home values had distorted these values to make them all but illogical in some cases.

The first step for the valuation teams was to collate the sales data for over 50,000 houses sold in the past three years.

These figures were used to define prices for specific areas.

But it did not end there. With a variety of homes and apartments in the same street, a common valuation could not be set.

Teams of valuers had to tramp roads and lanes across Northern Ireland identifying variations and probable price differences.

These were all then recorded on computers back in various offices across Northern Ireland where more staff then went through the figures looking for anomalies.

Now the exercise is near completion and when the final figures are calculated it will provide a unique valuation of property in the UK.

Water bills will make 2007 an even more expensive year

No-one will be told of their valuation until June when letters will be sent out over a period of weeks to every household advising them of their new valuation.

The agency also hints that a house with a value of £200,000 will attract rates of around £1,100 - £1,200.

Using this figure, householders will be able to work out if their rates have gone up or down.

They then have until next year to agree with the valuation or do something about it informally.

After then, when the bills arrive in April 2007, they can only appeal the valuation through a rates tribunal.

One figure has been released. It is the total value of the houses across Northern Ireland. This rates survey put it at £80bn.

However there is a sting in the tail.

Sitting on the side lines is the new government-owned water company.

It is about to send out its first water bills - based on the new rateable value of a house.

Some households could face bills well in excess of £3,000 by the time their rates and water bills are added together.

2007 could prove to be a very expensive year for many.

Ostrich Man · April 28, 2006

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