UK Rating Revaluation 2023
May 20, 2022
The Valuation Office Agency in England and Wales and the Assessors in Scotland periodically revalue all properties on the Rating Lists. This is important as significant changes in open market rental values (OMRV), on which the rateable values for most properties are based, can take place over several years, especially through volatile property market and economic cycles. Consequently, the shares of the overall rates bill accounted for by different sectors and regions need to be readjusted and distributed to maintain an equitable system.
Initially planned for 2021, the COVID-19 pandemic resulted in the business rates revaluation being delayed to 2023. The two-year delay means that future rateable values across England and Wales will be based on rental data from 1 April 2021 rather than 1 April 2019. MSCI has worked with GL Hearn to produce estimates of the new rateable values from the wealth of rental information stored by MSCI in its databases. Using rental growth changes for different types of property, MSCI estimated the new rateable values due to come into effect at the beginning of the 2023/4 fiscal year.