The Valuation Office Agency (VOA) regularly updates the rateable values of all business and other non-domestic properties – properties that are not just private homes – in England and Wales. This is called a revaluation.
Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation that’s 1 April 2021. We use these rateable values to calculate business rates bills.
Revaluations are done to reflect changes in the property market. This means that business rates bills are based on more up-to-date information. The next revaluation comes into effect on 1 April 2023.
Tell the Valuation Office Agency
Although we (the Council) are responsible for anything to do with your business rates bill, the VOA is responsible for the valuation of your property. You will need to contact them for all queries about your rateable value:
Most rateable values are based on an estimate of what it would cost to rent a property for a year, starting on a certain date. For the 2023 valuation that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.