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Revaluation 2017

The Valuation Office Agency (VOA) regularly reassess and update the rateable values of all business properties, usually every five years. This is called Revaluation. This is done to maintain fairness in the system, by redistributing the total amount of business rates payable nationally, reflecting the changes in the property market. Revaluation does not raise extra revenue overall.

From 1 April 2017, the rateable values are based on a valuation date of 1 April 2015.

You can find and review your rateable value.  If you believe your 2017 rateable value is incorrect, from 1 April 2017 you will need to:

You cannot appeal your 2017 rateable value, until you have completed CHECK and CHALLENGE.

You must pay in accordance with your business rates bill until the check, challenge, appeal process is completed. If successful, a revised bill will be produced to confirm any changes made to the business rates account.

Transitional arrangements
For those with significant increases or decreases in their Business Rates liability, as a result of the 2017 revaluation, the Government has put in place a £3.6 billion transitional relief scheme to limit and phase in changes in Business Rates bills. To help pay for the limits on bill increases, there also have to be limits on reductions. Under the transitional scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value x the appropriate multiplier).

The transitional arrangements are applied automatically and are shown on the front of your bill. For further information about transitional arrangements and other reliefs, email us at nndr@e-lindsey.gov.uk or call 01507 601111, selecting Business Rates.

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