Revaluation of Businesses
A revaluation of Business Rates usually takes place every five years to reflect changes in the property rental market. The most recent revaluation came into effect on 1 April 2023.
The Valuation Office Agency (VOA) has updated the rateable values of all businesses and other non-domestic properties in England and Wales.
Rateable values are usually based on the annual rent a property could have been let for on a certain date. For the new 2023 revaluation, this date is as at 1 April 2021.
We use these rateable values to calculate business rate bills.
Revaluations are carried out to reflect changes in the property market, which means that business rate bills are based on more up-to-date information. Those properties that have seen an upturn in their rental market value will probably see an increase in their Rateable Value. Those who have seen a downturn, may see a decrease.
The Business Rates bill is calculated by multiplying the Rateable Value by a Government set multiplier. There are then a series of reliefs that the Business Ratepayer may be eligible for, including where the Rateable Value has gone up significantly. If you are entitled to help due to the Rateable Value going up, this will be automatically awarded on your bill.
More information on the Revaluation and Rateable Values can be found on the Valuation Office Agency website.
The new Revaluation is also known as the 2023 Rating List. The previous Revaluation is known as the 2017 Rating List.
Check and Challenge your Rateable Value if you believe it is wrong
The Valuation Office Agency are responsible for the Rateable Value of your property and you will need to contact them if you have any questions about it.
You can Check and Challenge your Rateable Value through the Valuation Office website.