Revaluation - Frequently Asked Questions
Revaluation
Business Rates
- How do you value a property?
- How is my rateable value calculated?
- What is the valuation date for revaluation 2023?
- Who decides on the valuation date?
- How is my business rates bill calculated?
- When will I receive my business rates bill?
- Who do I contact if my property has changed?
- Who do I contact if my rateable value is too high?
- Why do similar properties have different rateable values?
- What business rates reliefs are available?
- What if I want to use an agent?
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 Valuation Office Agency (VOA), part of HMRC, values each property based on the amount of rent a property could have been let for on the open market on a set date. This is the rateable value. For the 2023 revaluation, the set date is 1 April 2021.
How is my rateable value calculated?
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?
Business rates bills are calculated 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?
You can see the future rateable value for your property and get an estimate of what your business rates bill may be from 1 April 2023 through the VOA’s Find a Business Rates Valuation Service (external link).
Who do I contact if my property has changed?
If your property has changed, for example its floor sizes are different, you can let the VOA know using a Business Rates Valuation Account (external link).
Who do I contact if my rateable value is too high?
If you believe your future rateable value is too high, you can get in touch with the VOA using a Business Rates Valuation Account (external link). 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 payment of your business rates as normal. If you have overpaid, 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.
What business rates reliefs are available?
There are several types of business rates relief for customers. You can find further information on Business rates relief on GOV.UK (external link). You need to contact us to check your eligibility for business rates relief.
What if I want to use an agent?
If you want to authorise an agent to act on your behalf, you can appoint one using a Business Rates Valuation Account (external link).