Apart from properties that are exempt from business rates, each non-domestic property has a rateable value which is normally set by the Valuation Office Agency (VOA). It draws up and maintains a full list of all rateable values. The rateable value of your property will be shown on the front of your bill. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. The Valuation Officer has to maintain the list and may alter the value if he or she believes that the circumstances of the property have changed. You can find more information about the most recent revaluation on our dedicated revaluation page.
Understanding your rateable value
Business rates are based on your property’s rateable value. The Valuation Office Agency (VOA) maintains the Non-Domestic Rating List. This includes setting the rateable values of business properties. To understand why your property has a certain rateable value you can find out more about how business rates are calculated.
If you want to challenge your rateable value
The rate payer, (and certain others who have an interest in the property), can also challenge their business rates valuation shown in the list if they believe it is wrong using the VOA’s Check, Challenge and Appeal process.
Repair and rateable value
The Valuation Office Agency does not usually change your rateable value if your property is in a state of disrepair. There are however, exceptions to this.
National non-domestic rating multiplier
The council calculates the business rates bill by multiplying the rateable value of the property by the multiplier or ‘poundage’, which the Government sets from 1st April each year for the whole of England. This amount, however, may vary because of the affects of the transitional scheme. The Government normally changes the multiplier every year to move in line with inflation. By law, the multiplier cannot go up by more than the rate of inflation, except in the year of a revaluation when it is set at a level which will keep the total amount raised in rates after the revaluation the same as before, plus inflation for that year.
At the Autumn Budget 2024 the Chancellor announced that as from 01/04/25
- the small business multiplier will be frozen at 49.9p and will be applied to all hereditaments with a RV below £51,000. This also applies to unoccupied hereditaments and those occupied by charities
- the standard multiplier will be uprated in April by CPI inflation, increasing the multiplier from 54.6p to 55.5p
| Year | Standard multiplier | Small business multiplier |
|---|---|---|
| 2025/26 | 55.5 | 49.9 |
| 2024/25 | 54.6 | 49.9 |
| 2023/24 | 51.2 | 49.9 |
| 2022/23 | 51.2 | 49.9 |
| 2021/22 | 51.2 | 49.9 |
| 2020/21 | 51.2 | 49.9 |
| 2019/20 | 50.4 | 49.1 |
| 2018/19 | 49.3 | 48.0 |
| 2017/18 | 47.9 | 46.6 |
| 2016/17 | 49.7 | 48.4 |
| 2015/16 | 49.3 | 48.0 |
Sharing more information on business rates valuations
VOA will share improved information on business rates valuations in phases:
- By 2026, ratepayers will be able to see more tailored information about their property
- By 2029, ratepayers will be able to see more specific valuation information and evidence
The changes include a new duty on ratepayers to provide information about their property to the VOA.
The new information duty on ratepayers is expected to be introduced after 1 April 2026. It will be tested with a small number of customers in phases to make sure the system works for all ratepayers. The duty will then be formally activated and mandated for everyone by 1 April 2029.
The new duty means ratepayers will have to tell the VOA within 60 days when there are changes to their property. These include changes to:
- the occupier
- their lease or rent
- the property