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Rateable value

The rateable value is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs. The VOA reassess and update the rateable values of all business properties usually every five years.

This is called a revaluation. It is done to maintain fairness in the system by redistributing the total amount payable in business rates. Revaluation doesn’t increase the overall revenue business rates bring in, but it does reflect changes in the property market.

A property's value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.

Until 31 March 2017, the rateable values were based on a valuation date of 1 April 2008.

Since 1 April 2017, the rateable values have been based on the valuation date of 1 April 2015.

Rating lists, Period list in force and valuation date
Rating list Period list in force Valuation date
2017 01 April 2017 - 1 April 2015
2010 01 April 2010 - 31 March 2017 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

 

Revaluation can often lead to large increases or decreases in rateable values as rental prices can often change. Even though your rateable value may have increased, it does not necessarily mean that your bill will increase.

The amount of business rates you are due to pay is dependent on multipliers supplied by the government that must be applied when calculating bills. For more information on the 2017 revaluation, rateable values and business rates visit the Valuation Office Agency website. You can also estimate your business rates bill, including any small business rate relief the local council may apply.

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. This may soften the impact of the price increase.

The rateable value of any property can be inspected on the VOA website. If you think your rateable value is incorrect, you can find and view your property details.

Revaluation 2023

The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation.   

Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021. 

We use these rateable values to calculate business rates bills. 

Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information. 

The next revaluation will come into effect on 1 April 2023. 

Contacting the Valuation Office Agency 

We are responsible for anything to do with your business rates bill. The VOA is responsible for the valuation of your property. You will therefore need to contact the VOA for all queries about your rateable value. 

The VOA have issued a FAQ document which you can view here.

Finding your rateable value 

You are now able to see the future rateable value for your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK. 

Your property details need changing 

To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.

Sign in or register for a business rates valuation account 

You think your rateable value is too high 

From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

Sign in or register for a business rates valuation account ready for 1 April 2023. 

How Coronavirus (COVID-19) affected future rateable values 

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date. 

For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this. 

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. You can also get in touch if you need to let them know of any issues. There is also a website for the Valuation Tribunal.

You can find and review your rateable value on the VOA's website. If you have reason to believe that your 2017 rateable value is not correct, follow the instructions provided on the site. You will need to do the following:

An appeal on your 2017 rateable value is not possible, and may not be necessary, until you have completed CHECK and CHALLENGE.

When can a rateable value be changed?

The rateable value of a property may be changed for a number of reasons. Your premises can alter in size due to an extension or other alteration, you may have changed the use of your premises or you may appeal against the original revaluation assessment. Your business may combine with next door, or you can split your building into two or more units.

Please contact the Valuation Office if you think your rateable value is too high or you need to change the assessment of your property. Details regarding how to appeal are on the Valuation Office website and further guidance is available from Gov.uk.

What if I don’t receive a reduction immediately?

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 takes place.

The business rates regulations allow us to pay interest on any backdated overpayment. The Valuation Office will contact us direct if a rateable value changes. 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 bill.