All non-domestic properties are generally revalued every five years by the Valuation Office Agency. The next revaluation will take place on 1 April 2023.
What is the Rateable Value?
The rateable value is assessed by the Valuation Office Agency. 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.
If you think your rateable value is incorrect, you can find and view your property details online at www.gov.uk/find-business-rates.
The draft list has now been published, and the new rateable value at www.gov.uk/find-business-rates. You can also estimate your 2023 bill there.
What is a 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 do I appeal against my Rateable Value?
You can only make a formal appeal against your 2023 rateable value once it comes into effect on 1 April 2023. You can find out more about the appeals process, including the reforms the Government has proposed by visiting Check and challenge your business rates valuation: step by step
Your rateable value may change if any physical changes are made to your property, for example, building or demolishing an extension. The council has a duty to notify the Valuation Office Agency of any newly built, extended, demolished, or otherwise altered non-domestic properties that come to our attention. You should notify the business rates team of any changes as soon as they happen.
You may appeal against the rateable value of your property if you think it is incorrect. This might be due to a material change in the property's circumstances, for example:
- a change in its physical state or use
- a physical change in the locality
- a change in the use of a neighbouring property
An appeal to the Valuation Office Agency against a rateable value begins with a proposal to alter the rating list. Before making an appeal, you can contact the Valuation Office Agency to discuss your rateable value and why you want to appeal against it. They may be able to resolve things without you needing to follow the formal procedure.
There are limits on the backdating of appeals. Any alteration made by the Valuation Office Agency on or after 1 April 2024 can only be backdated to 1 April 2023.
Having an outstanding appeal against your rateable value is not accepted by Magistrates' Courts as grounds for withholding payment so you should continue to make payments on your current bill until you receive a revised bill. Any overpaid rates will be refunded if your appeal is successful.
To view the current rating list or to make an appeal against an entry in the list, you may contact the Valuation Office Agency via the VOA website or by telephone on 03000 501 501
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.
To sign in or register for a business rates valuation account ready for 1 April 2023 please visit Business Rates Valuation Account.
If 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. To sign in or register for a business rates valuation account please visit Business Rates Valuation Account.
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.