You are almost certainly liable to pay commercial rates if you occupy business premises. Commercial rates are a tax based on the rateable value of the property, which reflects its rental value. The rateable value can, however, be challenged. It may change in any case if the premises are altered or if their value is affected by changes in the locality. Some limited classes of property are exempt from business rates altogether.
What is the business rates revaluation, why is it done and what does it mean for me?
The Valuation Office (VO) carries out revisions and revaluations of rateable values of commercial and industrial properties. The rateable value for your non-domestic or business property may be reviewed as part of either a revision or general revaluation and revision takes account of structural alterations to individual properties such as extensions, subdivisions and new developments.
What is a revaluation?
A revaluation is the production of an up-to-date Valuation List of all commercial and industrial property, within a local authority area, by reference to property rental values at a specified valuation date. Revaluation takes account of the relative changes in rental value between properties over time, and is the statutory means whereby all rateable valuations within a local authority are reassessed so that all ratepayers pay a fair share of the commercial rates to be raised. The (VO) strives to maintain fairness in the rating system, by ensuring that the rates payable on non-domestic and business properties reflect any changes in the relative rental value of property over time and the relativity between similar properties
If you require more information on Rates, please check out our guide: Guide to Professional Advice on Revaluations and General Rates Assessments
If you require professional support, you can find a Valuer here: List of rating experts