The Executive has agreed to adjust the regional rate for 2024/25 in line with inflation.
Subject to Assembly approval, the proposal on the regional rate element of the bill would add 46p per week to the bill for a domestic property with an average capital value of £123,000 and £10.73 per week for a typical non-domestic property with a £50,000 rateable value.
Following the Executive decision to set the Regional Rate in line with inflation (4%) for domestic and non-domestic ratepayers, Finance Minister Dr Archibald MLA said:
“This year rates have raised over £1.5billion which provides public funding, including for health, education, policing as well as funding council services.
“Recognising the pressure on households and businesses the Executive has agreed to keep the Regional Rate in line with inflation. The level set will go some way towards addressing the budget challenges we face while taking into account the acute pressures on our workers, families and business owners.
“Today’s decision if approved by the Assembly would provide additional revenue of up to £30million for our public services.”
£247million of rate relief support is already provided to 75% of businesses with over £100million of rate relief provided for households.
Reaffirming her commitment to looking at responses to the recent rates consultation, Minister Archibald said:
“Over 1,400 people and organisations responded to the recent consultation on domestic and non-domestic rate reliefs. I want to take the time to understand the views that have been expressed.
“It’s important we look at the rating system to ensure it is fair, equitable and progressive. We want it to align it with the Executive’s economic vision, expanding our tax base and supporting businesses to grow and create jobs.
“Transforming our public services will take time and investment. I have had a constructive engagement with the Chief Secretary to the Treasury and look forward to continued engagement.”