Finance minister Caoimhe Archibald lays out plans for a wide ranging review of the rating system.
The owners of Northern Ireland's most valuable houses could see their rates bills rise by up to £943 a year under proposals from the Finance Minister.Rates are a tax paid by households and businesses, based on property values.
Last week she said it was "regrettable" that the executive had not yet discussed proposals which she finalised in October. Archibald's proposal is to raise the cap to £485,000 which would impact the 8,000 most valuable houses. She said that process is about ensuring those supports are properly targeted and meet their objectives."The process I have announced is about ensuring the support we have in place is achieving the desired policy outcome."That review will happen over the next decade with the initial focus on small business rate relief and the rating treatment of vacant commercial property.
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