Changes and revaluation
The Valuation Office maintains the rating list and may alter the value if they believe that the circumstances of the property have changed. The ratepayer ;can also appeal against the value shown in the list if they believe it is wrong.
The effect of successful appeals against values shown in the rating list will normally be backdated to the beginning of the financial year in which they are made, although there are exceptions to this.
The new rateable values, released on 30 September 2016, are based on the rental value of properties on 1 April 2015. These will be used to calculate business rate bills from 1 April 2017.
A rise in rateable value does not necessarily mean a rise in your Business Rates bill. The multiplier is also adjusted to make sure that the total amount raised from ratepayers remains the same after allowing for inflation.
If your Business Rates bill does rise significantly though, you may be entitled to transitional relief.
Large increases are restricted so businesses are not suddenly asked to pay much bigger amounts. This is offset by limiting big gains where businesses would have to pay significantly less.
Under the transition scheme, the limits continue to apply to yearly increases and decreases until the full amount is due.
We will automatically include transitional relief when we calculate your bill.
If there are any changes to the property after the revaluation date, Transitional Relief will not apply to the part of a bill that applies to any increase in rateable value due to those changes.