Rateable value and revaluation of Business Rates
The Valuation Office Agency (VOA) sets the rateable value of business premises by using property details such as rental information. We use the rateable value and the business rates multiplier (set by central government) to calculate your business rates bill.
The rateable value is assessed by the VOA, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
- Until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008.
- From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.
If you think your rateable value is incorrect, you can find and view your property details at Correct your Business Rates - GOV.UK.
The VOA regularly reassesses and updates the rateable values of all business properties, usually every five years. This is called a Revaluation. It is done to maintain fairness in the system by redistributing the total amount payable in Business Rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
For more information on the 2017 revaluation, rateable values, and Business Rates is available from the Valuation Office Agency website.