The rateable value is assessed by the Valuation Office Agency, which is an agency of HM Revenue and Customs.
A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.
Until 31 March 2017, the rateable values will be based on a valuation date of 1 April 2008.
From 1 April 2017, the rateable values will be based on the valuation date of 1 April 2015.
What is a revaluation?
The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
The VOA is contacting businesses to request rental information to support the next revaluation of business rates in England and Wales - Revaluation 2023.
If you receive a request please complete and submit your up-to-date details. It is important to provide this information to ensure business rates are fair and accurate. You can find more information at gov.uk/voa/revaluation2023
Transitional arrangements (relief)
Transitional arrangements limit how much your bill can change each year as a result of revaluation. This means that significant changes (increases or decreases) to your bill are phased in gradually, if you're eligible.
You get transitional relief if your:
property is in England
rates go up or down by more than a certain amount
How much your bill can change by from one year to the next depends upon your property's rateable value and whether your bill is increasing or decreasing as a result of revaluation.
We will adjust your bill automatically if you're eligible, and this will show on the front of your bill.
You stop getting transitional relief when your bill reaches the full amount set by a revaluation.