Rating Revaluation 2017 list published!
As you may be aware the draft rating list is published TODAY detailing the new rateable values to apply to assessed properties with effect from 1st April 2017. This is based on rental values reflecting the rating hypothesis the Valuation Office considered would have applied at 1st April 2015.
We would advise in the first instance we check your new valuation against the current one and please let us know if you would like us to do so if you haven’t already.
The last Revaluation was in 2010 and the 2017 Revaluation was delayed for 2 years by the Government. The highest increases are now anticipated in London but while Transitional Relief (TR)will be reintroduced (limiting immediate increases) that will now give less relief to larger companies with an RV£ over RV£100,000. We are also unsure whether the rate poundage will continue to rise in line with inflation.
Rate demands to establish your new liability will be issued in March 2017 however until then we can assist by reviewing your current liability from 2010 (if TR is reintroduced and we reduce your current liability this may have a knock on benefit for the next few years) while there is still time available.
We sadly will also have to adopt the VO’s new mantra of “check, challenge, appeal” which is a further protracted, expensive and complicated system to make them aware of any apparent errors. The reality is however there are still over 300,000 outstanding appeals to resolve before they can even consider whether they have correctly valued the 1.96 million new assessments!
It is clear the VO are keen to deter appeals e.g. a charge to appeal, new complicated website. However, beware of false promises as the VO have the power to increase as well as decrease assessments as some other firms have found to their detriment.