Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value which is set by the Valuation Office Agency (VOA), which is an executive agency of Her Majesty's Revenue and Customs. They draw up and maintain a full list of all rateable values, available on their website at www.voa.gov.uk
The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1st April 2010, this date, known as the antecedent date, was set as 1st April 2008. The valuation officer may alter the value if circumstances change. The Ratepayer (and certain others who have an interest in the property) can appeal against the value shown in the list if they believe it is wrong. Further information about the grounds on which appeals may be made and the process for doing so can be found on the VOA website www.voa.gov.uk or from the St Albans Valuation Office on (01727) 774700.
2010 Revaluation.
- The rateable values of all non domestic properties are reassessed every five years by the Valuation Office Agency (VOA). The current rating list is based on the 2010 revaluation. Five yearly revaluations are carried out 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.
Whilst the 2010 revaluation will 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.