THE Valuation and Lands Agency (VLA) has published its new rating valuation list which affects 66,000 non domestic properties in Northern Ireland.

The general effect of the revaluation, released last month, shows a six fold increase in the net annual value of the properties from £130 million sterling to £820 million.

The largest increases will affect the retail sector situated in prime locations and in successful shopping centres.

These will see a doubling of their rates. There will be decreases in other areas; warehouses and factories will benefit, as will retail outlets in poorer areas.

Sir John Wheeler, NI Minister of State, said the "new valuation list based on 1995 rental values is designed to redress the inequalities caused by continuing to use the 1975 values in the current list. Revaluation will redistribute the rates burden and create a `level playing field' for all non domestic ratepayers".

Of the 66,000 properties assessed, two thirds of ratepayers will see changes greater than 20 per cent (increases and declines), according to the VLA. Around 12 per cent will have their rates either doubled or halved.

Rateable values are based on the estimated annual rental values of properties at a particular date. Property occupiers will receive notification of new values in the next two weeks.

The revaluation, said the VLA, brings rateable values up from rental values in the early 1970s to 1995 levels.