Revaluation 2023
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Revaluation 2023
The Valuation Office Agency (VOA) adjusts the rateable value of business properties to reflect changes in the property market at a particular point in time, this is called the Antecedent Valuation Date (AVD)
The previous revaluation came into effect in England on 1st April 2017 and this is known as the 2017 list and runs from the 1st April 2017 to the 31st March 2023 inclusive. The rateable values in this list are based on the rental a property would have commanded on the 1st April 2015.
The 2023 revaluation will come into effect on 1 April 2023, this will be known as the 2023 rating list. The rateable values in this list are based on the rental a property would have commanded on the 1 April 2021.
FAQs
The VOA determines a rateable value based on the amount of rental the property would command on the open market on the AVD.
The Government set the valuation date for the rating list. The 1st April 2021 has been chosen so that valuations take into account the impact of COVID-19 on the rental market.
The Government provides local authorities two multipliers prior to the start of the financial year (the small and standard multiplier). The smaller multiplier is for properties with a rateable value below £51,000 and the standard multiplier is for properties with a rateable value of £51,000 or more. The multipliers for the 2022/2023 are 49.9p for the smaller and 51.2p for the standard. These multipliers are unchanged for the 2023/2024 financial year.
We then multiply the rateable value of the property by the appropriate multiplier and this gives what is known as the base liability, the payable amount before any reliefs or exemptions are applied.
If there are any changes in the size of your property due to alterations within the building, you would need to go through the check, challenge appeal process with the VOA.
Grounds for a challenge include:
- the valuation was wrong when the rating list was created.
- there has been a change to the property or surrounding area that should be shown in the rateable value (for example, long-running roadworks)
- a change made to the valuation by the VOA is wrong, or hasn’t been made
- the date of a change made by the VOA is wrong
- the property should be split into more than one property, or combined with others into a single property
- a property should be removed from, or added to, the rating list
- the valuation is wrong due to a legal decision on another property
- the property details are wrong or incomplete
www.gov.uk/government/collections/check-and-challenge-step-by-step
You may want to appoint someone to deal with your business rates your behalf. This is called your agent.
An agent may be a :
- rating agent
- friend
- relative
- trusted helper
www.gov.uk/guidance/appoint-an-agent
You must continue to make payments as per the instalments on the bill. If you are successful in an appeal and there is a credit after a rateable value reduction, you can request a refund.
If you believe that the rateable value is too high, you would once again use the check, challenge, appeal process, in relation to values in the 2017 rating list.
If you believe that the 2023 rating list value is too high, you will not be able to do a check, challenge, appeal yet, you can only do this after 1 April 2023, this is when the valuation legally takes effect and can be challenged. You can register your interest in appealing the entry in the 2023 rating list, by setting up an account with the VOA in readiness.
You can fill out a contact form, use this link www.gov.uk/contact-voa or you can call them on 03000-501501 Monday to Friday, 9am to 4:30pm.
The rateable is determined by several factors, the main one being what rental the property would command on the open market at a set time. The age, construction and location of property, as well as how accessible it is, are all taken into account.