What is Revaluation?

Revaluation 2023

The Valuation Office Agency (VOA) has updated the rateable values of all business, and other non-domestic, property in Wales and these rateable values will take effect from 1 April 2023.

Rateable values are the amount of rent a property could have been let for on a set valuation date. For the 2023 valuation, that date was 1 April 2021. 

The Valuation Office Agency regularly reassess and update the rateable values of all business properties usually every five years.  Revaluations are carried out to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation is not carried out to generate extra revenue.

If you think the rateable value is too high

Before 1 April 2023, use the Find a Business Rates Valuation Service on GOV.UK, to tell the VOA you think the rateable value is too high. You must continue to pay your business rates as normal until a decision has been made.

From 1.4.23, non-domestic business rates appeals will change. This means ratepayers in Wales will be required to follow the Check Challenge Appeal process and will use the Valuation Office Agency’s (VOA) Check and Challenge digital service. 

Read the VOA’s step-by-step guide on the Check Challenge Appeal process. 

The Check Challenge Appeal process will only apply to the 2023 rating list. For previous rating lists in Wales the proposal system still applies.


Transitional Relief

For qualifying properties, transitional relief will only apply to a non-domestic rate liability falling within the period 1 April 2023 and 31 March 2025.  

Guidance on the Transitional Rates Relief scheme has now been published at Business Wales website.

How to apply

If you qualify, transitional rate relief is applied automatically to your bill so you do not need to apply for it.