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Rates Revaluation

The current commercial property Rating system relies on a recalibration of Rateable Values every 5 years. Typically the Valuation Office will assemble rental evidence in the 2 years leading up to the implementation of a new list. Accordingly in 2008/09, rental evidence was assembled by the Valuation Office for the April 2010 new list of Rateable Values,

In 2013, work should therefore have started on the assembly of rental evidence by the Valuation Officer, for the 2015 review. However, the Government has now put the review back to 2017 – ostensibly because of the large number of appeals on the 2010 List which still remain outstanding (240,000 as of Spring 2012).

A second reason could well be the fact that the rental evidence collected for a 2015 List is bound to be below the rental evidence collected for the 2010 List, and therefore Rateable Values – and Rate income – would in theory drop dramatically.