The rateable values of all commercial properties are usually reassessed every five years by the Valuation Office Agency (VOA). The current revaluation came into effect on 1st April 2010. Historically this would have meant that the next revaluation would be implemented on 1st April 2015, however, the Government has announced that 2010 rating period has been extended until 31st March 2017. Revaluations are carried out by the Valuation to make sure that each ratepayer pays a fair contribution and no more, by ensuring that the share of the national rates bill paid by any one ratepayer reflects changes over time in the value of their property relative to others. Revaluation does not raise extra revenue for the Government.
The 2010 revaluation did not increase the amount of rates collected nationally, within this overall picture, over a million properties will see their business rate liabilities reduced and some ratepayers will see increases.
Further information about the 2010 Revaluation can be found at www.voa.gov.uk.
The VOA has set up a dedicated telephone helpline number for Ratepayers who disagree with or have questions about their 2010 rateable value. The helpline number is 0845 6022010.