The rateable value of non-domestic property is fixed in most cases by an independent valuation officer of the Valuation Office Agency.
All non-domestic property is revalued every five years. From 1 April 2010, the rateable value of a property represents its annual open market rental value as at 1 April 2008.
The values of all property, in respect of which rates are payable, are shown in the local rating list. A copy of this can be found on the Valuation Office Agency website or at the:
District Valuer and Valuation Office
Heritage House
Fisherman's Wharf
Grimsby
DN31 1SY
Tel: 03000 501501
email: ratingnortheast@voa.gsi.gov.uk
The valuation officer may alter the value if he or she believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) may also propose a change in value. If the ratepayer and the valuation officer do not agree, the matter will be referred as an appeal to a valuation tribunal.
Appeals made in a financial year will be backdated to no earlier than the start of that year.
Information about the circumstances in which a change in a rateable value may be proposed is available from the valuation office above.
"2010 Revaluations"
The latest revaluation has been completed and took effect from 1 April 2010. A summary valuation of the 2010 rateable values and very useful information, including how your business rate bill is calculated, is now available on the Valuation Office website.
Employing a rating surveyor
Alternatively, you may wish to contact a rating adviser. Members of the Royal Institution of Chartered Surveyors (RICS) and the Institute of Revenues, Rating and Valuation (IIRV) are regulated by rules of professional conduct. These are designed to protect the public from misconduct.
Before employing a rating adviser you must satisfy yourself that he or she has the necessary knowledge and expertise, as well as appropriate indemnity insurance. This is particularly important if you are employing someone who is not a member of one of the bodies listed above.
You should also be wary of false or misleading claims. We are aware of agents who do not explain, for example, that a reduction in rateable value may not necessarily lead to a reduction in the amount of rates you will have to pay. This is because there are overriding limits on how much rates bills can change from year to year under the transitional relief scheme.
Please be careful before entering into any contract and take advice if necessary before you do so. And bear in mind that, no matter how persuasive they may be, nobody can guarantee reductions in rateable value. These are always subject to the agreement of the valuation officer or the decision of a valuation tribunal or higher court.
More information