Business rates revaluation
What is revaluation?
Revaluation is a review of the rateable values of all non-domestic properties in England and Wales carried out by the Valuation Office Agency (VOA). This normally happens every 3 years.
How do you value a property?
The VOA values a property by its rateable value. Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 revaluation, that date was 1 April 2021.
How is my rateable value calculated?
In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.
What is the valuation date for Revaluation 2023?
The antecedent valuation date (AVD) for revaluation 2023 is 1 April 2021.
Who decides on the valuation date?
The government decides on the valuation date. It chose 1 April 2021 so that valuations would reflect the impact of COVID-19 on the property market.
How is my business rates bill calculated?
Business rates bills are calculated using a rateable value. Rateable values are based on how much rent a customer’s property could be let for, on a set date (1 April 2021 for Revaluation 2023).
When will I receive my business rates bill?
You'll be able to see the future rateable value for their property and get an estimate of what your business rates bill may be from 1 April 2023.
You can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK.
Who do I contact if my property has changed?
If a property has changed, for example its floor sizes are different, then you can let the VOA know now using a Business Rates Valuation Account.
Who do I contact if my rateable value is too high?
If you believe your future rateable value is too high, you can get in touch with the VOA using a Business Rates Valuation Account. You can only do this after 1 April 2023, which is the point at which the future valuation legally takes effect and can be challenged.
You must continue to make payments of your business rates as normal. If you do overpay, you can request a refund from us.
Why do similar properties have different rateable values?
When calculating a rateable value, the VOA considers how much a property could be let for, on a set date. The rateable value of properties can vary for a number of reasons like size or location.
What business rates relief is available?
There are several types of business rates relief for customers. You can find further information on GOV.UK. You may need to contact us to check your eligibility for business rate relief.
What if I want to use an agent?
If you want to authorise an agent to act on your behalf, you can appoint one using a Business Rates Valuation Account.