Revaluation
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 Agency (VOA). This normally happens every 3 years.
Business rates
How do you value a property?
The VOA values a property by its rateable value. The VOA values a property by its rateable value. Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021.
How is my rateable value calculated?
The rateable value is based on how much rent a property could be let for, on a set date (1 April 2021 for revaluation 2023).
In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.
What is the valuation date for revaluation 2023?
The AVD for revaluation 2023 is 1 April 2021.
Who decides on the valuation date?
The Government decide on the valuation date. They chose 1 April 2021 so that valuations would reflect the impact of COVID-19 on the property market.
How is my business rates bill calculated?
We calculate business rates bills using a rateable value. Rateable values are based on how much rent a customer’s property could be let for, on a set date (1 April 2021 for revaluation 2023).
When will I receive my business rates bill?
Customers are now able to see the future rateable value for their property and get an estimate of what their business rates bill may be.
They can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK.
Who do I contact if my rateable value is too high?
Before 1 April 2023, Welsh customers should use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA they think their rateable value is too high.
From 1 April 2023, customers will need to use a business rates valuation account to tell the VOA they think their rateable value is too high.
They must continue to make payments of their business rates as normal. If they do overpay, they can request a refund from their local council.
Who do I contact if my property has changed?
Before 1 April 2023, Welsh customers should use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA about changes to their property details such as floor area sizes and parking.
After 1 April 2023, to tell the VOA about changes to their property details, customers need a Business Rates Valuation Account.
The VOA may accept their changes and update the current and future valuations.
Why do similar properties have different rateable values?
When calculating a rateable value, the VOA considers how much a property could be let for, on a set date. The rateable value of properties can vary for a number of reasons like size or location.
What business rates relief are available?
There are several types of business rates relief for customers. They can find further information on GOV.UK. They may need to contact their local council to check their eligibility for business rates relief.
Business rates reliefs are handled differently if their property is in Wales.
What if I want to use an agent?
If a customer wants to authorise an agent to act on their behalf, they can appoint one using an authority to act form on GOV.UK.