What is Revaluation?
Revaluation is a review of the rateable values of all non-domestic properties in England and Wales carried out by the Valuation Office (VOA).
It affects over two million properties and is not carried out to generate any extra revenue but to redistribute the total amount of business rates paid to local councils.
The VOA values a property by its rateable value which is usually the amount of rent a property could have been let for on a set valuation date. For the 2023 revaluation, that date was Thursday 1 April 2021. Central Government set the valuation date and chose Thursday 1 April 2021 so that valuations would reflect the impact of Covid-19 on the property market.
In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.
When will I be able to see whether my business rates bill will change?
Businesses are able to see their future rateable value for their property for the 2023/24 financial year through the VOA's Find a Business Rates Valuation Service on the gov.uk website. This information is not available from RBWM directly.
Who do I contact if my property has changed or if I disagree with the rateable value?
If the property has changed, for example, its floor sizes are different or if you disagree with the proposed rateable value, then businesses can let the VOA know using a Business Rates Valuation Account.
You can do this now for changes but only after Saturday 1 April 2023 if you disagree with the rateable value, as this is the point that the new valuation legally takes effect from and can be challenged.
You must continue to make payments of any Business Rates charged during any dispute you may have with the VOA.
Any overpayments made will be refunded to you.