Business rates revaluation 2023 - Print version

What is a rateable value?

The rateable value of a property is assessed by the Valuation Office Agency (VOA), which is an agency of HM Revenues and Customs.

The rateable value is an estimate of the annual rent a property would rent for if it were available to let on the open market at a fixed valuation date.

To find out your rateable value and information about your property visit the VOA website [https://www.gov.uk/correct-your-business-rates].

What is a revaluation?

The VOA regularly updates the rateable values of all business and other non-domestic properties (properties that are not just private homes) in England and Wales. This is called a revaluation. Revaluations are carried out to reflect changes in the property market, which means that business rates bills are based on more up-to-date information. The current valuation took effect from 1 April 2023.

Revaluation 2023

For the 2023 valuation, rateable values are the amount of rent a property could have been let for as at 1 April 2021.

Finding your 2023 rateable value

You can see the rateable value of your property through the VOA's Find a Business Rates Valuation Service [https://www.gov.uk/find-business-rates] on GOV.UK.

Your property details need changing

To tell the VOA about changes to your property details (such as floor area sizes and parking) you need a business rates valuation account. The VOA may accept your changes and update the current and future valuations.

Sign in or register for a business rates valuation account [https://www.gov.uk/business-rates-valuation-account]

You think your rateable value is too high

From 1 April 2023, you will need to use a business rates valuation account to tell the VOA you think your rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

Sign in or register for a business rates valuation account [https://www.gov.uk/business-rates-valuation-account].

How Coronavirus (COVID-19) affected future rateable values

The VOA bases most rateable values on an estimate of what it would cost to rent a property for a year, starting on a certain date.

For the 2023 valuation, that date was 1 April 2021. This was during the pandemic and the rent information the VOA used reflected this.

How do I appeal my 2017 Rateable Value?

The 2017 rating list closed 31 March 2023 and you are not able to challenge the 2017 valuation assessment.

How can I find out more?

More information can be found on the GOV.UK business rates pages [http://www.gov.uk/introduction-to-business-rates/revaluation].