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 5 years. From 1 April 2010, the rateable value of a property represents its annual open market rental value as at 1 April 2008. More information is available from the local valuation office or the website www.voa.gov.uk
For composite properties which are partly domestic and party non-domestic the rateable value relates to the non-domestic part only. The values of all property in respect of which rates are payable to your authority are shown in the local rating list, a copy of which may be inspected at Inland Revenue Valuation Office, 339 High Street, Bangor, LL57 1YA and the Finance Department.
Alteration of rateable value
The rateable value may alter if the valuation officer believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) may also in certain circumstances propose a change in value. If the ratepayer and the valuation officer do not agree the valuation within 3 months of the proposal being made, the matter will be referred as an appeal to the Valuation Tribunal. Further information about how to propose a change in a rateable value is available from valuation offices.
National Non-domestic Rating Multiplier
This is the rate in the pound by which the rateable value is multiplied to give the annual rate bill for a property. The multiplier set annually by the Welsh Ministers is the same for the whole of Wales and except in a revaluation year cannot rise by more than the rate of the increase in the retail price index.
Revaluation
Revaluation is a review of the rateable values of all non-domestic properties in Wales and England carried out by the Valuation Office Agency (VOA). This normally happens every 3 years.
The Valuation Office Agency (VOA) values a property by its rateable value.
The VOA values a property by its rateable value.
Rateable values are the amount of rent a property could have been let for on a set valuation date.
For the 2023 valuation, that date was 1 April 2021.
The rateable value is based on how much rent a property could be let for, on a set date (1 April 2021 for revaluation 2023).
In order to calculate the rateable value, the VOA analyses the rental property market to ensure that rateable values reflect the property market accurately.
The date for revaluation 2023 is 1 April 2021.
The government decides on the valuation date.
They chose 1 April 2021 so that valuations would reflect the impact of COVID-19 on the property market.
We calculate business rates bills using a rateable value.
Rateable values are based on how much rent a customer’s property could be let for, on a set date (1 April 2021 for revaluation 2023).
Customers are now able to see the future rateable value for their property and get an estimate of what their business rates bill may be.
They can do this through the VOA’s Find a Business Rates Valuation Service on GOV.UK
Before 1 April 2023, Welsh customers should use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA they think their rateable value is too high.
From 1 April 2023, customers will need to use a business rates valuation account to tell the VOA they think their rateable value is too high.
They must continue to make payments of their business rates as normal. If they do overpay, they can request a refund from their local council.
Before 1 April 2023, Welsh customers should use the Find a Business Rates Valuation Service on GOV.UK to tell the VOA about changes to their property details such as floor area sizes and parking.
After 1 April 2023, to tell the VOA about changes to their property details, customers need a Business Rates Valuation Account.
The VOA may accept their changes and update the current and future valuations.
When calculating a rateable value, the VOA considers how much a property could be let for, on a set date.
The rateable value of properties can vary for a number of reasons like size or location.
There are several types of business rates relief for customers. They can find further information on GOV.UK
They may need to contact their local council to check their eligibility for business rates relief.
Business rates reliefs are handled differently if their property is in Wales.
If a customer wants to authorise an agent to act on their behalf, they can appoint one using an authority to act form on GOV.UK