Every non-domestic property has a rateable value, which is determined by the Valuation Office Agency (VOA). The rateable value is broadly representative of the amount for which the premises could be let.
The rateable value will remain the same (until the next re-valuation) unless an amendment is required, for example if you extend or demolish part of your premises. It can also change if there is a successful appeal against the rateable value.
The VOA maintains all the rateable values in the local rating list. You can view the rating lists online at the Valuation Office Agency website. The VOA usually carries out a revaluation every five years.
The most recent revaluation came into effect on 1 April 2017.
Can the rateable value change?
The rateable values are set by the Valuation Office Agency (VOA), which is part of HMRC. The valuation officer may change the value of a property if the circumstances of the property have changed (for example: an extension has been built on to a factory, an office has been divided into two or more parts). This can be an increase or decrease of the rateable value. The Valuation Office will notify the owner/occupier of the property and the local authority. The business rates payer may ask for a change in the rateable value, however certain others, including the council, who have an interest in the property, can also ask for a change in value.
Can I appeal against the rateable value?
The valuation officer may alter the value if a material change of circumstances has taken place. 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.
You do not have to be represented in discussions about your rateable value or your business rates bill.
If you wish to employ a rating adviser, members of the Royal Institution of Chartered Surveyors (RICS) and the Institute of Revenues Rating and Valuation (IRRV) are qualified and are regulated by rules and professional conduct designed to protect the public.
If you lodge an appeal to the Valuation Office Agency (VOA) regarding your rateable value, your non domestic rates account remains payable in accordance with the bill issued to you. If your appeal is successful any overpayment will be issued as a refund.