The Rateable Value (RV) calculation is effectively an estimate of the annual rent which the Assessor believes the premises would command in the open market as at 1 April 2015 (the 'Tone Date').
Based on the Rateable Value which came into force on 1 April 2017, many landlords, tenants and occupiers saw a sharp rise in their rates, which went against the general downturn in the property market in recent years. We have successfully proven in a number of cases so far that the Assessor's issued value was too high, leading to RV reduction and refunds for many clients.
This has been particularly so in the retail sector, where the majority of revaluation cases to date have been cited. In shopping centres, in some instances we have seen vales drop by nearly 50%!
At a more local level, in several instances now, we have been succesful in having the RV reduced to £15,000 or below which has meant the ratepayer now gets the benefit of 100% relief under the Small Business Bonus Scheme (SBBS).
This means a minimum rates saving of over £5,000 per year, or over £25,000 for the duration of the revaluation cycle. Not only will this minimise outgoings and improve cashflow, it can also have a positive impact on the bottom line value of a business.
If you have an appeal lodged for shop premises which has not been cited or discussed yet with the Assessor, we would be pleased to hear from you. Our advice and guidance could lead to significant savings.
Please do get in touch to see how we can help you via or contact our team at businessratesadvice.com