Information about revaluation - the reassessment of the rateable values of business properties.
The Valuation Office Agency (VOA) regularly reassess rateable values of business properties. This is called Revaluation - it is done to adjust the rateable values to reflect changes in the property market. The next revaluation will come into effect from 1 April 2023.
From 1 April 2023, rateable values are based on the valuation date of 1 April 2021.
Future revaluations will take place on a 3 year valuation cycle with the next Valuation List due to start on 1 April 2026.
You are now able to see the 2023 rateable value for your property at the GOV.UK 'Find a business rates valuation' link and get an estimate of what your 2023/24 business rates bill may be.
If you feel your 2023 rateable value is wrong, you need to contact the VOA to:
- CHECK - review and confirm the facts the VOA hold about your property.
- CHALLENGE - once the facts are established, explain why you believe your valuation is wrong.
You cannot appeal your 2023 rateable value until you have completed CHECK and CHALLENGE. You can only do this after 1 April 2023, which is when the 2023 valuation legally takes effect and can be challenged. You can find out more about how to Check and Challenge your rateable value by visiting the GOV.UK Check and Challenge link.
You must pay your business rates bill until the check, challenge, appeal process is completed. 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.
For ratepayers with large increases in their business rates liability, following the 2023 revaluation, the Government has put in place a transitional relief scheme to limit and phase changes in business rates bills. Under the transitional scheme, limits continue to apply to yearly increases until the full amount is due (rateable value x the appropriate multiplier).
From the 1 April 2023 Transitional Relief will only apply where there's an increase in a rateable value. If the rateable value is decreasing, the business will benefit from the full reduction straightaway from 1 April 2023.
Transitional arrangements are applied automatically and shown on the front of your bill. For further information, please see 'transitional arrangements' and other 'rate reliefs' links.