Rateable Value
Every five years, the Valuation Office Agency is required by law
to re-value every business premises in the country. The purpose of
the revaluation is not to change the amount of money collected in
rates nationally, but to make sure that the individual
rateable values reflect the changes that have taken place in the
property market since the last revaluation.
Depending on which Rating List the Valuation
Office is creating or amending a different valuation date will be
used. Please see the table below for clarification.
| Rating LIst |
Period List is in force |
Valuation Date |
| 2010 |
01 April 2010 - 31 March 2015 |
1 April 2008 |
| 2005 |
01 April 2005 - 31 March 2010 |
1 April 2003 |
| 2000 |
01 April 2000 - 31 March 2005 |
1 April 1998 |
| 1995 |
01 April 1995 - 31 March 2000 |
1 April 1993 |
| 1990 |
01 April 1990 - 31 March 1995 |
1 April 1988 |
The revaluation can often lead to large increases or decreases
in Rateable Values as rental prices can often change in a five-year
period. Even though your Rateable Value may have increased, it does
not necessarily mean that your bill will increase. The amount of
Rates payable is dependant on the multipliers that the
Government tells us to apply when calculating Rates bills.
Even if the new Rateable Value of your property has resulted in
a large increase in your bill, you may still get the benefit of a
transitional adjustment, which may cushion the impact of the
increase.
The Valuation Office re-valuated all properties in England in
2008. The new lists came into force on the 1st April 2010.
New rateable values represent a professional assessment of the
annual rent of a property, as if it was available to let on the
open market as at 1st April 2003. The Valuation Office gathers as
much evidence as possible about actual rents paid for properties in
order to determine appropriate rental values.
The rateable value of any property can be inspected on the
Valuation Office Agency website.
Business
Rates - check your rateable value.
The Council uses the rateable value provided by the Valuation
Office Agency (VOA) to work out your Business Rates bill. You
can check your rateable value and
compare it with others on the VOA website www.voa.gov.uk/valuation. You can
also get in touch if you need to let them know of any issues.
When can a Rateable Value be
changed?
The rateable value of a property may be changed for a number of
reasons. Your premises may alter in size as a result of an
extension or other alteration, the use of your premises may change
or you may appeal against the assessment following a revaluation.
In addition, you may combine your premises with next door or you
may split it into two or more units.
If you believe that your rateable value is too high or you have
need to change the assessment of your property, you must contact
the Valuation Office. Details regarding how to appeal are on the
Valuation Office
website and further guidance is available from the
Local
Government Finance website.
What if I don’t receive a
reduction immediately?
Many appeals can take some time to settle. If you are
waiting for a change in your assessment it is important that you
continue to pay your Business Rates as shown on your bill
until the change has been made.
The Business Rates regulations allow us to pay interest on any
backdated overpayment. If you overpay your Rates, therefore, you
will receive your overpayment back with interest. Where a rateable
value has changed, the Valuation Office will contact us
direct. We will send you a revised bill, showing your new rate
charge and the effective date of the change.
If you have overpaid, we will send you a refund. In some
circumstances, we will off-set any previous years overpayments
against your current years bill.
Paying
Interest
We will normally pay interest on your overpayment provided you
have made your payments on time. However, we will not pay any
interest on any overpayment if we have taken recovery action
against you and obtained a Liability Order from
the Magistrates Court. It is important that you continue to
make payments on time until a decision against your appeal has
been made or recovery action will be taken against you and you will
lose your right to interest.
This webpage was updated on
6/17/2010