Business rates revaluation 2023

All non-domestic properties are generally revalued every five years by the Valuation Office Agency (VOA). However, the next revaluation will take place on 1 April 2023.

A revaluation makes sure Rateable Values reflect changes in the property market. This revaluation will reflect the changes in value that have occurred since the last revaluation six years ago. This includes the impact of the COVID-19 pandemic.

Revaluations maintain fairness in the system. They help to redistribute the total amount payable in business rates. They are not carried out to generate extra revenue.

The VOA have now released a draft list of the Rating List which shows all proposed Rateable Values effective from 1 April 2023. 

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 achieve if it were available to let on the open market at a fixed valuation date.

  • Until 31 March 2023, the Rateable Values will be based on a valuation date of 1 April 2015
  • From April 2023, the Rateable Values will be based on the valuation date of 1 April 2021

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. Find out more about the appeals process, including the reforms the Government has proposed.

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. For more information about appeals, or to view the current Rating List, please visit the Valuation Office Agency website, or contact them by telephone on 03000 501 501.

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.

Last Updated on Wednesday, January 25, 2023