The rateable value of a property is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenue and Customs. A property's rateable value is its open market rental value on a fixed valuation date, based on an estimate by the Valuation Office Agency.
The current list is the 2010 Rating List and is valid until 31 March 2017. The rateable values are based on a valuation date of 1 April 2008. The new list, which will come into effect on 1 April 2017, has the rateable value based on the valuation date of 1 April 2015.
If you think your rateable value is incorrect, you can look up your property details.
What is revaluation?
The VOA regularly reassesses and updates the rateable values of all business properties usually happens 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 rental property market. In the year of revaluation the multipliers are rebased to account for overall changes to total rateable value and to ensure the revaluation does not raise extra money for Government.
How can I find out more?
For more information on the 2017 Revaluation, rateable values, and business rates go to revaluation where you can also estimate your business rates bill, including any small business rate relief we may apply the property may be eligible for.
Want to update your property details?
If you think the property details or property measurements the VOA hold are incorrect, you can view property details by postcode and send in suggested changes to your property's details.
Why is my 2017 rateable value different from my rent?
The VOA looks at many rents in an area before deciding on the right rateable value for each property. Rents can vary between properties in an area, even if the properties are similar and the rents are agreed at the same time. This is because landlords and tenants often have different views on the rental value of a property and sometimes there are special lease terms that can affect the rent paid. More information see how are my rates calculated.
How can I challenge my draft 2017 rateable value?
Once the new rateable values come into effect on 1 April 2017, you will be able to make a formal challenge. You can find out more about the appeals process, including the reforms the Government has proposed.
Dates for the diary
Preparations are already underway for the start of the new rating list on 1st April 2017. To make this little easier for businesses we have some key dates for your diary.
- 1st October 2016 - The draft 2017 rating list is published
- 23rd November 2016 - The Chancellor of the Exchequer, Philip Hammond, will present his first Autumn Statement to Parliament.
- February - March 2017 Rate bills will be issued for 2017/18 rate year.