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. Every three years the Valuation Office Agency updates the rateable values of over 2 million commercial properties in England and Wales. This process reflects changes in the market.
Rateable values are normally based on the amount of rent a property could have been let for on a set valuation date although some types of property are based on a different assessment. Your rateable value isn’t the same as the rent you are paying on your property.
The last revaluation took place in 2023, and the next revaluation will come into effect from 1 April 2026.
Your current and future rateable values can be found on the VOA website. You can use this service to see the details the VOA holds for your property and compare your property’s rateable value with similar properties in the area.
2026 rating list (new list) - Further information
The Valuation Office Agency (VOA) has now published the draft rateable values for the new 2026 rating list before the revaluation comes into effect. Your rateable value is based on property values as of 1 April 2024.
You can view your property’s current and future rateable value through the VOA’s find a business rates valuation service on GOV.UK. You can use this service to see the details the VOA holds for your property and compare your property’s rateable value with similar properties in the area.
You can also get an estimate of what your future business rates bill might be from 1 April 2026. This gives you an indication of what your business rates bill might be but does not take into account all the reliefs you might be eligible for. Your 2026/2027 bill will show the actual amount you have to pay.
In England, from April 2026, the government will create two additional, lower multipliers for retail, hospitality and leisure businesses and have published guidance on this.
We are currently reviewing properties to make sure that the correct multiplier is used when we issue the annual bills. It is important that if we have contacted you, that you respond.
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 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
We are waiting for more information about these schemes and will update our website when this is available.
Other reductions are also available and full details are available on our discounts, reliefs and exemptions page.
2023 rating list (current list) - How can I find out more?
The Valuation Office Agency (VOA) publishes the current rateable values in a list that came into effect on 1 April 2023, based on property values as of 1 April 2021.
The 2023 rating list will close on 31 March 2026.
You may qualify for reductions on your business rates bill in certain circumstances a full details are available on our discounts, reliefs and exemptions page.
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.
The Valuation Office Agency (VOA) will publish the draft rateable values for the new 2026 rating list before the revaluation comes into effect.
Appealing your rateable value
You have the right to appeal to the Valuation Office Agency about your rateable value if you think it's incorrect, even if there haven't been any changes to the property or your business.
You have until 31 March 2026 to request any changes to your current 2023 list rateable value. After 1 April 2026 you will only be able to make changes to your new valuation.
If you think your valuation is wrong or want to make any changes to your property details (such as floor area sizes and parking) you will need a business rates valuation account.
While you can’t challenge your 2026 valuation until 1 April 2026, you can update the details the VOA has about your property or tell them if you think your valuation is wrong.
Any changes made to your current valuation could result in your rateable value going up or down. This may also affect your future valuation from 1 April 2026.
If you have reason to believe that your rateable value is not correct, you will 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.