There is going to be a Revaluation of all non-domestic properties in Scotland on 1 April 2023.The Scottish Assessors are proposing to issue draft Rateable Values (RVS) around 30 November 2022, to be effective from 1 April 2023 for a minimum period of three years.
The Revaluations take place to allow the rates system to reflect changes in the property market, and since the last revaluation in 2017, there has been significant unrest in commercial property values depending on each sector.
Similar to the last revaluation, there will be a right of appeal against the RVS however the government have still to confirm the deadline for lodging appeals.
Whilst every Local Authority will say the appeal process for rates is fair, the fact of the matter is, it is not and, in our experience, there is a lack of consistency in approach in handling appeals across 14 Assessors in Scotland.
The appeal process requires a thorough knowledge of the rates system, valuation and legislation, which if not adhered to correctly can result in the Assessors exercising their statutory powers and attempting to have appeals dismissed.
It is imperative that every non domestic property within your portfolio (even if you are the landlord and not responsible for rates) is considered for appeal. The reason being is that if your property is not appealed then there is no legal basis to benefit from the same level reduction which has been received by a neighbouring property which has successfully appealed their rates assessment.
When the draft rateable values are issued we strongly recommended you get in touch with our team to discuss the best way forward. Even the if assessments have fallen which will be the case in some sectors, they may still not be correct and there could be scope for further reduction in the rates if appeals are lodged timeously.
Our Chartered Surveyors are offering a free health check on these draft assessments.
If you wish to discuss any aspect of the business rates please feel free to call us.