Business Rates Revaluation 2017
The amount of business rate you pay is calculated using the rateable value of the property. The rateable value is set by the Valuation Office Agency. On a regular basis, usually every five years, the rateable values are reassessed and updated. 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.
A revaluation has been undertaken and will come into force from April 2017, further information can be obtained from www.gov.uk/voa/revaluation
Frequently Asked Questions
What is the Rateable Value?
The rateable value 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.
- Until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008.
- From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.
If you think your rateable value is incorrect, you can find and view your property details here:
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 can I find out more?
For more information on the 2017 Revaluation, rateable values, and business rates go to www.gov.uk/voa/revaluation .
You can also estimate your business rates bill, including any small business rate relief the local council may apply.
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