Rateable Values of all non-domestic properties are updated every five years by the Valuation Office in a 'revaluation'. The first Rating List came into force on 1st April 1990, followed by revaluations in 1995, 2000, 2005, and 2010. The next revaluation was due to take place with effect from 1st April 2015, however the Government has announced that this is to be delayed and regular 5 yearly reviews will resume after 2017. This decision was made so that local firms and local shops will avoid unexpected hikes in their business rates bills over the next 5 years.
Generally, the purpose of a revaluation is to ensure that changes in the property rental market, which forms the basis of the rateable value, are accurately reflected in the Rating List.
Over the five year period of a Rating List, rental values of properties will change. Some types of properties will increase in value and some will, comparatively, go down. In some cases the change may be large.
If the rate charges for the new Rating List were based simply on the rateable value times the multiplier, many ratepayers would face substantial changes in their rates liability. Therefore, transitional arrangements were introduced to phase in the effect of the new rateable values.
The 1st April 2010 Rating List.
As a result of the transitional arrangements, rate bills cannot go up or down in any year because of a revaluation, by more than a set percentage amount after inflation. The set percentages for increases and reductions are different for small properties (those with rateable values of less than £18,000) and large properties (those with rateable values of £18,000 or more.)
The transitional scheme is self-financing, and is designed so that the cost of granting relief is absorbed by the phasing provisions for the ratepayers who would otherwise pay less under the new Rating List.
You do not have to apply for relief under the transitional arrangements. The Council will automatically calculate this for you, and it will show on your bill.
Page Last Updated: 11/01/2013