Northern Ireland households will receive annual property tax bills, known as rates, with 5% increases this year and each year until 2028. Sinn Féin Finance Minister John O’Dowd drafted the budget that sets this cumulative 22% rise, planned to exceed inflation.

This marks the second consecutive year of 5% household rates increases after 15 years of rises at or below inflation levels. Business rates will rise by 3% annually, shifting more of the revenue burden to households from businesses, which previously split total rates revenue equally.

The Democratic Unionist Party currently blocks the budget over demands for additional funds for its ministers, though agreement remains expected. Rates provide Stormont's sole major taxation power, funding 5% of its budget with the rest from Westminster.

Domestic rates averaged £1,200 annually prior to increases, split roughly between Stormont and councils, so the regional portion adds about £33 yearly or 68 pence weekly to household bills. Rates froze for the first three years of the decade for households and four for businesses due to the pandemic and Russia's invasion of Ukraine.

Sinn Féin has controlled the finance department since 2016 but gained real scope for action since devolution restored in 2024. The DUP managed finance from 2007, raising rates 1% above inflation initially then holding them lower.