What is a revaluation and where to find the latest valuation list
What is a revaluation?
Business rates are worked out using a property's rateable value, which in most cases is based on its open market value. The last revaluation took place in 2017 and the next one comes into effect from April 2023.
Rateable values are periodically reassessed to make sure that the business rates system remains fair, and reflects changes in the property market.
2023 rating list (new list) - how can I find out more?
The Valuation Office Agency (VOA) published the draft rateable values for the new 2023 rating list in November 2022. The 2023 rating list comes into effect on 1 April 2023, based on property values as of 1 April 2021. The VOA has also produced a list of Frequently Asked Questions.
Your rateable value can be found on the VOA website, where you’ll also have the ability to request amendments if you feel the information held about your property is incorrect.
You may also qualify for reductions on your business rates bill in certain circumstances:
- If your rateable value has increased you may be eligible for transitional relief
- If you are a retail, hospitality or leisure business you may qualify for retail, hospitality and leisure relief
- If you are no longer able to receive small business rate relief or rural rate relief because your rateable value has increased at the revaluation you could receive support for small business relief
Other reductions are also available and full details are available on our discounts, reliefs and exemptions page.
2017 rating list (current list) - how can I find out more?
The Valuation Office Agency (VOA) published the current rateable values in a list that came into effect on 1 April 2017, based on property values as of 1 April 2015.
Your rateable value can be found on the VOA website.
When is the next revaluation?
Revaluations will now take place every three years. The next revaluation will take place in 2026 and will be based on property values as of 1 April 2024.
Appealing your rateable value
You have the right to appeal to the Valuation Office Agency about your rateable value if you think it's too high, even if there haven't been any changes to the property or your business.
You can find and review your rateable value on the VOA’s website. If you have reason to believe that your rateable value is not correct, follow the instructions provided on the site. You'll need to do the following:
- 'check' - review and confirm the facts about your property held by the VOA
- 'challenge' – once the facts are established, explain why you believe your valuation is wrong
An appeal against your rateable value is not possible, and may not be necessary, until you've completed 'check' and 'challenge'.
You can find out more about grounds for an appeal and how the process works on GOV.UK's pages about business rates.