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The VOA (Valuation Office Agency) carries out a revaluation of all rateable values in England and Wales every five years. The next revaluation is due to come into effect on 1 April 2010 and all properties will have their rateable value assessed on the valuation date of 1 April 2008.

The revaluation is not designed to raise extra revenue from business rates (the Government will not collect a penny more of extra revenue as a result of the 2010 revaluation.)  - it is used to ensure that business rates liabilities are redistributed in line with changes in the property market.

2010 revaluation - key dates

1 Apr 2008	Valuation date for all new 2010 rateable values. To ensure fairness and consistency, the same fixed valuation date is used for all properties.
30 Sep 2009	The VOA publishes online the new rateable values, allowing six months for you to check that the valuation of your property is based on factually correct information before it comes into effect. We will also send details of the new valuations to the majority of ratepayers during October.
Feb / Mar 2010	Your local authority uses the new rateable values to calculate the business rates bills for the 2010/2011 financial year.
1 Apr 2010	All new 2010 rateable values come into effect. They will remain effective for five years

 

Rental values in 2010 may be lower than they were in 2008 but that does not mean the Government will be collecting extra revenue.  The new multiplier will be set to ensure the overall national rates bill will remain the same.

Your bill may increase, decrease or stay the same as a result of revaluation, depending on how the rental value of your property relates to national averages. For those most affected by the revaluation, a transitional scheme will limit significant changes to rates bills, phasing them in over time.

A new non domestic rating multiplier for 2010/11 is actually likely to be a lot lower than the 2009/10 multiplier. Whilst your Rateable Value may increase significantly, and even though many ratepayers will see a reduction in their rate liability in 2010 (this is because of the unusually low multiplier), you should still seek advice now. The effects of revaluation 2010 will last for at least five years so it is important that your rateable value is looked carefully.

A draft national multiplier of 0.4170 is currently being used for the purpose of calculating your rate bill for next year although the exact multiplier will not be set until mid November. However, it should be around this figure subject to adjustments for inflation. You can get an estimate of your rates bill for 2010-11 online. This will use your 2010 rateable value, your 2005 rateable value and your location to provide an estimate of your bill. This can be done by clicking here.