Many ratepayers will see only a small change in their rates bill at the revaluation. Revaluations have usually occurred every five years. Central government announced the next revaluation will be 2021 and future revaluations will be more frequent on a three yearly basis taking effect 2024. However, some properties will see a more significant change – both increases and reductions. Transitional arrangements are used to phase in these changes. The transitional arrangements will support ratepayers by allowing them time to adjust to their new rates bills. Those ratepayers facing increases (who will be in sectors and locations where rateable values have increased more than the average) will see their bill capped each year at a set percentage increase due to the revaluation. Those businesses will be able to plan for their rates future bills.
For more information please go to Transitional Relief at Gov or contact us.