Business Rates revaluation 2017
What is a revaluation?
Business Rates are worked out based on your property's rateable value. In most instances this is the open market value from a given date. Rateable values are then used to calculate your Business Rates bill alongside the national multiplier for the year.
All rateable values are reassessed at a general revaluation to make sure that bills paid by any one Ratepayer reflect changes over time in the value of their property relative to others. This helps maintain fairness in the rating system by updating valuations in line with changes in the rental market. The Valuation Office Agency (VOA) is responsible for updating the rateable values of all business properties.
When does the 2017 revaluation take place?
The current rating system is based on the 2010 revaluation. The next revaluation will take place on the 1 April 2017, based on rental values at 1 April 2015.
In the year of revaluation the multipliers are rebased to account for overall changes to rateable value and to ensure that revaluation does not raise extra money for government. This decision is made by Central Government not the local authority.