Revaluation 2005
Every five years the Valuation Office Agency (VOA) gives all non-domestic (business) properties new rateable values so local authorities can work out the business rates.
The rateable values broadly reflect the yearly open market rental value of each property.
The purpose of the revaluation is not to change the amount off money collected in rates nationally, but to make sure that individual rateable values reflect the changes that have taken place in the property market since the last revaluation.
The (VOA) have produced a rating list of the new rateable values on 1 April 2005 . You can check your own rateable value and get further advice on all aspects of your business rates on the new website, www.mybusinessrates.gov.uk
From April 2005, all business rates bills will be based on these new rateable values.
Valuation Office Agency
The Listing Officer and Valuation Officer of the Valuation Office Agency (VOA) are responsible for compiling and maintaining the Council Tax Valuation List and Local Rating List respectively. The VOA is part of the Inland Revenue.
If you consider that your dwelling should be placed in a lower band or that the Rateable Value of your non-domestic property is too high, you can appeal to:
The Listing Officer / Valuation Officer
Eastgate House
42 Eastgate
Leeds
West Yorkshire
LS2 7JL
Tel: 08456021507
Fax: (0113) 388 4602/3
email: leedsgroup.vo@voa.gsi.gov.uk
See Appeals for further details.
Valuation for Business Rates
Rateable Values
Each non-domestic property is assessed for Business Rates by the Valuation Officer of the Valuation Office Agency and is allocated a Rateable Value. This assessment takes place every five years, the current revaluation being effective from 1 April 2005. The Rateable Value is based upon a property's annual open market rental value as at a specified date; for the current list this was 1 April 2003. The Rateable Value forms the basis on which your Business Rates bill is calculated. Your bill shows the Rateable Value which applies to your property. The Local Rating List shows the Rateable Value of each property in the Bradford area.
The Valuation Office Agency now has the 1995, 2000 and 2005 rating list on its internet site. Please visit this website for detail: www.mybusinessrates.gov.uk
National Ratepayers Valuation Forum.
The Valuation Office Agency have recently launched a Ratepayers' Forum which aims to increase direct communication between the Agency and Ratepayers.
