What is a revaluation?
What is a revaluation?
The VOA regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation. Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information. The current valuation took effect from 1 April 2017 and rateable values are based on the valuation date of 1 April 2015
The next revaluation will come into effect 1 April 2023.
Revaluation 2023
For the 2023 valuation, rateable values are the amount of rent a property could have been let for as of 1 April 2021.
Finding your 2023 rateable value
You are now able to see the future rateable value of your property and get an estimate of what your 2023/24 business rates bill may be. You can do this through the VOA's Find a Business Rates Valuation Service on GOV.UK.
Your property details need changing
To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.
Sign in or register for a business rates valuation account
You think your rateable value is too high
From 1 April 2023 – GOV.uk indicates that this dates only applies to Wales. It reads like all businesses in England need to have an account now to raise a challenge, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.
Check and challenge your business rates valuation: step by step
How Coronavirus (COVID-19) affected future rateable values
The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.
For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.
How do I appeal my 2017 Rateable Value?
If you have reason to believe that your 2017 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 on your 2017 rateable value is not possible and may not be necessary until you have completed Check and Challenge.
How can I find out more?
More information can be found on the GOV.UK business rates pages.