Caoimhe Archibald has warned that households across Northern Ireland are already under severe pressure from rising fuel and energy costs.

But criticism is growing after it emerged that Stormont is preparing the first domestic rates revaluation since 2005 — a move that could leave many homeowners paying significantly more.

The Finance Minister has pointed to Westminster over rising living costs, particularly around fuel duty and VAT. Yet Stormont’s own biggest source of locally raised revenue remains domestic and business rates, which currently bring in around £1.5 billion a year.

Now, more than 800,000 homes across Northern Ireland are expected to be reassessed under a new valuation process.

The current system is still based on 2005 property values. With house prices having risen sharply in many areas over the last two decades, fears are mounting that thousands of households could see higher bills once properties are revalued.

Officials argue the move is about “fairness” and modernising an outdated system. Critics, however, say many families will see it as a tax increase by another name.

A similar backlash was already seen during business rates revaluations, where higher rental values resulted in increased bills for many firms — forcing pressure and calls for intervention.

Now attention is turning to domestic households.

The wider financial pressure is already intense. Northern Ireland raises roughly £20 billion in revenue but spends closer to £30 billion, with Stormont under growing pressure to increase local income. Westminster has offered a £650 million financial package, but expects around £113 million to be raised locally in return.

For many, the result feels like pressure from both directions: Westminster controls fuel duty and VAT, while Stormont controls rates.

One wallet. Two governments.

And while ministers warn people are struggling to cope, critics argue policies are simultaneously being developed that could increase the burden even further.

If your home has risen in value since 2005 — as most have — many now expect their rates bill could rise with it.