2010 Revaluation For Rating

The 2010 rating revaluation will take effect on 1 April 2010 and the new Rating List was published in draft form in October last year. Rateable values in the 2010 List are intended to represent annual rental values as at 1 April 2008.

The revaluation exercise has hit Central London offices particularly hard, where some ratepayers have seen rateable values more than double, and rate bills rise by over 20%. Across the country as a whole, there has been an increase in rateable value of about 15%.

The calculation of the annual rate bill is complex, and depends on location, size of rateable value, transitional arrangements and the application of supplements (particularly for Crossrail in the London Boroughs).

Rateable values are subject to appeal, and history shows that savings can often be made. Appeals can’t be lodged until after April, and should not be lodged without carrying out a survey and an initial valuation, as Rateable Values can go up as well as down and an appeal may alert the Valuation Office to any under assessment.

The valuation date for the new List was at, or close to, the peak of the property market following which values fell dramatically. We anticipate some lively negotiations over the next couple of years. On receipt of your next rate bill, you should pay this in the usual way as this will not prejudice your right in making an appeal to the valuation.

Please contact us if you would like to discuss how the 2010 revaluation will impact on your businesses and how Stream’s rating specialists can create rates savings for you.