Homeowners in the leafier areas of Northern Ireland are about to learn of substantial increases in their domestic rates.
From the end of this week and over the next seven weeks, householders across the North will be provided with official estimates of their rates bill for next year, the North's finance and personnel minister David Hanson said yesterday.
Although some householders could face bills that will be five times and more in excess of their current rates, Mr Hanson said the new valuation system would be fair and equitable. "Capital valuation, which is based on the market value of a house - something everybody recognises - is modern, easy to understand, and spreads the rate burden in a fairer, more progressive manner," he said. "In broad terms, approximately 55 per cent of homeowners will see either no change or a decrease in their share of the rates burden. The remaining 45 per cent will see an increase," added Mr Hanson.
Under the new valuation system - the first in 30 years - 13 per cent of householders could face an increase of £50; 15 per cent could face a £150 rise; and 13 per cent of property owners will see an increase of up to £450. The biggest price rises will affect 3 per cent of homeowners.
For some individuals, there will be "some exceptional percentage increases", said Nigel Woods, chief executive of the Valuation and Lands Agency.
He said terraced houses and old cottages that previously were seen as of little value, but which had risen significantly in value due to location and modernisation, could see five-fold increases in rates.
"A significant number of such increases are for rural properties that have very low existing rateable value and bills. Typically existing bills may be £100, going to £500," he said.
While house prices have not risen as sharply as they have in the Republic prices have increased significantly in areas such as north Down and south Belfast. Since the start of the peace process prices which had been artificially low have reached more realistic levels.
