Altus Edwin Hill is a leading provider of real estate consulting and professional advisory services regionally, nationally and, as a member of Altus Group, globally.
We offer clients a wealth of experience on problem avoidance, insight on commercial property markets and specialist advice on minimising business space overheads.
2010 RATING REVALUATION
Business Rates are a tax paid by the owners and occupiers of commercial property in the UK, based on complex and constantly evolving legislation and case law. The latest Revaluation covers the 5 year period from 1 April 2010 to 31 March 2015, with the new Rateable Values for most property types in England, Wales and Scotland reflecting a hypothetical ‘open-market’ rental valuation as at 1 April 2008.
These Rateable Values are very often too high and this Revaluation could prove to be the most contested. The April 2008 valuation date coincides with a property market that was already feeling the harsh effects of the ‘Credit Crunch’, which caused business confidence and property markets to shift rapidly from high to very low. Valuing accurately through this period will be both difficult and contentious.
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Has the Valuation Office correctly reflected the market conditions in the Rateable Value applied to your business space? Are the valuation components and/or floor areas shown in the Summary Valuation correct?
It is always prudent for a ratepayer to review the potential for reducing their rate liability. Where an appeal is appropriate, it is important to highlight that ratepayers are limited to only one appeal per event. Further appeals may be possible but require a material change of circumstances.
These restrictions to the appeal process make the choice of professional adviser very important.
For more information on how we can help you minimise this property overhead, simply complete the Rating Audit Enquiry section and we will contact you.