All non-domestic property has a rateable value unless it is specifically exempt from rates.
Following the 2023 revaluation, the rateable value broadly represents the annual rent the property could have been let for on the open market in 2021. The Valuation Office Agency assesses this.
There will be further revaluations every 3 years to keep the rateable values up to date. This ensures that each ratepayer's bill is fair in relation to others.
How your rateable value affects your bill
To work out your bill, the rateable value is multiplied by factors known as the "multiplier". This amount is fixed each year by the government.
Between revaluations, the multiplier cannot increase by more than the annual rate of inflation each year (as at the previous September).
Find out more about multipliers for each year.
Who do I contact if my property has changed?
If a property has changed, for example its floor sizes are different, then you can let the VOA know now using a Business Rates Valuation Account.
Who do I contact if my rateable value is too high?
If you believe the future rateable value is too high, you can get in touch with the VOA using a Business Rates Valuation Account. You can only do this after 1 April 2023, which is the point the future valuation legally takes effect and can be challenged
You must continue to make payments of your business rates as normal. If you do overpay, you can request a refund from us.
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.