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 most recent revaluation took place in 2017.
Rateable values are normally reassessed every five years to make sure that the business rates system remains fair, and reflects changes in the property market. However, at the 2018 Spring Statement it was announced that the next revaluation would be brought forward by one year to 2021. And with the intention for the rateable values to be reassessed every three years thereafter instead of five.
2017 revaluation - how can I find out more?
The Valuation Office Agency (VOA) published the most recent rateable values in a list that came into effect on 1 April 2017.
Your rateable value can be found on the VOA website, where you’ll also have the ability to request amendments if the information held about your property is incorrect.
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 on your 2017 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.