House prices down 30-50%...why not rates?

Parisien

Following on from a programme on BBC 4 today where GB homeowners are challenging older council tax bandings where they were wrongly banded for whatever reason, owners have been able to get rebates going back many years.

Can we do the same here given I assume the lower rateable valuation on our NI homes over the last 3 yrs?

If not should we bring a challenge to the whole system?

Golden_Anemone

Parisien, unfortunately not. There is an overall total amount that needs to be paid in rates which is then divided up among households according to the capital value of homes. As the market value of all properties is down so the proportion of the total rates bill each household pays is the same regardless of the current valuation.

Ballymackeonan

Anyway the ratings valuation is based on values 4-5 years ago, mine is still a bit lower than the market value of the house!

motorguy

Parisien wrote: »

Following on from a programme on BBC 4 today where GB homeowners are challenging older council tax bandings where they were wrongly banded for whatever reason, owners have been able to get rebates going back many years.

Can we do the same here given I assume the lower rateable valuation on our NI homes over the last 3 yrs?

If not should we bring a challenge to the whole system?

Rates are calculated based on the house value in 2005 (i think!)

Therefore huge fluctiations UP that we saw in 2006 / 2007 and fluctuations down do not impact the rateable value.

wifeforlife

Yes valuations are based on values in January 2005, people with existing houses at the time in 2006/7 when it was brought in have been very luckily paying based on lower values. Anyone who has bought a new build has been screwed, myself included. If you ask for a reval they tell you the computer says no and refuse to change it.

Parisien

Thanks guys.....oh well there goes another money saving venture!

A.L.D.A

If we want lower rates we have to ensure our councils spend less! Perhaps time for a reconsideration of what councils do?

highrisklowreturn

emmett123 wrote: »

what coucils in NI are socialist?

Every one, including, and particularly, the Unionist ones, the supposedely "right wing" (oh how I laugh) ones:money:

wanchai_2

Ballymackeonan wrote: »

Anyway the ratings valuation is based on values 4-5 years ago, mine is still a bit lower than the market value of the house!

I wouldn't be too sure...

saverbuyer

wanchai wrote: »

I wouldn't be too sure...

This is very true. Until you actually put your house on the market and sell it, it is difficult to know the market value. It's only worth what someone is able to pay.

saverbuyer

It’s worth pointing out that some commentators (RICS, several estate agents and media commentators) suggest we are now at 2003 pricing levels and still falling (15%+ last year). For anyone getting RV set on a new build I would seriously be looking to challenge the valuation if you’re unhappy. I know people who have done exactly this. You can provide comparable to LPS. No point paying for ridiculous rates like some here have mentioned just so you can have a meaningless rateable value. 2005 is the point of reference. All properties on the list and indeed newly rated properties are based on their value in 2005.