Valuation officers from the Valuation Office Agency (VOA) draw up and maintain a full list of all rateable values on business properties. An officer may alter a rateable value if circumstances change.
All rateable values are reassessed at a general revaluation which usually takes place every five years. The most recent revaluation took effect from 1 April 2017.
Whilst the 2017 revaluation did not increase the amount of rates collected nationally, some ratepayers saw an increase in their rates. However, the majority of businesses received a reduction or no change in their bill.
A £3.6 billion transitional relief scheme was put in place to limit changes in business rate bills as a result of the 2017 revaluation.
To help pay for the limits on increases in bills, there are also limits on reductions in bills.