Business rates - revaluation 2023 customer advice
As a part of Business Revaluation 2023 the Valuation Office Agency has published new draft rateable values online.
The government Valuation Office Agency (VOA) sets the rateable value of business premises by using property details such as rental information. The rateable value and the business rates multiplier (set by central government) is used to calculate your annual business rates bill.
The VOA regularly reassesses and updates the rateable values of all business properties, usually every five years. This is called a Revaluation.
Revaluation is done in order 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.
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 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
If you think your rateable value is incorrect, you can find and view your property details here Find and correct your business rates valuation
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. You can find out more about the appeals process, including the reforms the Government has proposed here: How to appeal your rateable value
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. Any alteration made by the Valuation Office Agency on or after 1 April 2024 can only be backdated to 1 April 2023.
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.
To view the current rating list or to make an appeal against an entry in the list, you may contact the Valuation Office Agency via the VOA Website or by telephone on 03000 501 501