How are business rates calculated?
The VOA regularly reassesses and updates the rateable values of all business properties, usually every five years. This is called a revaluation.
This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market.
Revaluation does not raise extra revenue overall.
Revaluations usually take place every five years, so the next one will be due in 2022/23.
Property values normally change a good deal between each revaluation.
Transitional arrangements are often put in place to phase in the changes, so that businesses do not face huge increases in their bills.