Business Rates Revaluation 2017
The rateable value of a property is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
A property’s rateable 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.
- The current list is the 2010 list and is now valid until 31 March 2017, the rateable values will based on a valuation date of 1 April 2008
- The new list, which will come in on 1 April 2017, has the rateable value based on the valuation date of 1 April 2015. This will be available to view from 30 September 2016 at www.gov.uk/voa/revaluation.
If you think your rateable value is incorrect, you can find and view your property details at www.gov.uk/correct-your-business-rates
What is revaluation?
The VOA regularly reassess and update the rateable values of all business properties, usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
How can I find out more?
For more information on the 2017 Revaluation, rateable values and business rates to go www.gov.uk/voa/revaluation.
You can also estimate your business rates bill, including any small business rate relief the local council may apply.
- Why is my rateable value different from my rent?
The VOA look at many rents in an area before deciding on the right rateable value for each property. Rents can vary between properties in an area, even if the properties are similar and the rents are agreed at the same time. This is because landlords and tenants often have different views on the rental value of a property and sometimes there are special lease terms that can affect the rent paid. Go to www.gov.uk/introduction-to-business-rates/how-your-rates-are-calculated for more information.
- My business has closed and I would like the property to be taken of the Rating List
The VOA doesn’t remove properties from the Rating List because a business has closed as the property still exists and may still be rateable.
- I believe the property measurements are incorrect
Refer to www.gov.uk/voa/revaluation where you can look up your property and send in and suggested amendments to measurements.
- I want to appeal or challenge the rateable value of my property on the 2017 Rating List
Once the new rateable value comes into effect on 1 April 2017, you will be able to make a formal challenge. To find out more about the appeals process please refer to www.gov.uk/guidance/how-to-appeal-your-rateable-value
- I want to correct some property address inaccuracies
Please refer to www.gov.uk/voa/revaluation where you will be able to submit a request online.
If you have an enquiry about council tax, send a message to the Local Tax Team.