Revaluation 2017

Business Rates Revaluation 2017

    What are Business Rates?
    Business rates are a statutory tax levied by the government on all commercial property. So, if you own or rent a commercial premises expect to pay according to the assessment applied by the Valuation Office. The Valuation Office assess business rates approximately every 5 years. The Revaluation 2017 list came into effect 1st April, 2017. Your local council sends out a bill each year for rates payable.

    Why is there a Revaluation?
    It is important to ensure rateable values are in line with current rental levels. The Business Rates 2017 list is based on rental values in 2015 and so could be far removed from existing market rents. To address this, revaluation’s are carried out on a regular basis, usually every 5 years. Businesses need to be confident that the Rateable Values are correct and that they are in line with not paying too much.
    A revaluation took place in April 2017. The Valuation Office have updated the process necessary to appeal, using a CHECK – CHALLENGE – APPEAL system.

    When did the Revaluation 2017 come into effect?
    The Revaluation 2017 came into effect on 1st April 2017. The Billing Authority should have sent out your new rates demand showing your Rateable Value for the 5 year list.

    What is the process?
    For the 2017 Business Rates list, the Valuation office has introduced an appeal system known as Check, Challenge, Appeal. Please note that challenging your Rateable Value is not a quick process. We suggest always keeping on top of paying your rates whilst appealing. This keeps any stress out of the equation and ensure that any reduction achieved will result in a refund.

    Why use an agent?
    Rating legislation generally limits the rate payer to a single appeal, therefore it is important to ensure you get it right first time with a specialist rating surveyor. As Business Rates is a highly complex subject, you need someone who has a comprehensive knowledge and understanding of the legislation. It is not easy to reduce an assessment and there are many facts to negotiate. Therefore it does take expert skill and an excellent negotiator to get the best result. Do remember an ill-considered appeal can lead to an increase, rather than a reduction. Your chosen surveyor should evaluate all the information before submitting a rates appeal.

    What is my new Rateable Value?
    If you would like us to find your rateable value for you please fill call us today.

    Why Choose us?
    We are a quality driven practice with expert knowledge in Business Rates gained from 15 years experience working within the Valuation Office. We understand their processes and will use this to your benefit. With our experience we are confident we can get you the best results. We are a member of RICS, the regulating body for Chartered Surveyors, so you know you are in safe and competent hands. If you are a select business which requires more in depth knowledge, you need help from a surveyor who has this experience. Whitestone Commercial should be your first choice.