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Revaluation of Business Rates

The Valuation Office Agency (VOA) has updated the rateable value of all business properties, known as revaluation.  This came into effect from 1 April 2017.

Revaluation process

The VOA generally reassesses all rateable values in England and Wales every five years, based on their open market rental value on a fixed date. The last revaluation was in 2017 and was based on rental values on 1 April 2015. Rateable values are used by councils to calculate your business rates bill.

At the Autumn Budget it was confirmed that the frequency of revaluations would be increased to every three years, following the next revaluation currently due in 2022.

Revaluation 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.

The VOA uses a wide range of property information and rental and other evidence to compare values across similar types of properties in order to set the rateable value.

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