A revaluation of rateable values usually takes place every five years. The last was on 1 April 2010 and was based on the valuation date of 1 April 2008. From 1 April 2017 rateable values will be based on the valuation date of 1 April 2015. You can find more information and search for a property's rateable value on the Government's business rates pages.
When a revaluation takes place there may be significant changes in your rateable value, due to increases or decreases in property values over the five years preceding the last revaluation. To protect ratepayers, changes in the rates bills can be phased in over a period of time. These are called transitional arrangements.
If your rateable value has been significantly increased then transitional relief will apply whereby the increase is phased in over a period of up to five years.
If your rateable value has been significantly decreased then transitional premium will apply whereby the reduction is phased in over a period of up to five years.
Different transitional arrangements apply depending on whether your bill has increased or decreased, and whether your business is small or large. We automatically calculate your transitional arrangements. If you qualify, this is shown on your bill. Please note, however, this is a Government based scheme which Herefordshire Council has no discretion over.
We are also aware of the additional funding recently announced by the Chancellor in the most recent budget. Further information will be available on our website when it is available.
If you need more information, please contact us.