Businesses in the Harrogate area are being urged to check their revised rateable values ahead of a major rating revaluation which comes into effect next year.
Draft rateable values have now been published for commercial properties all over the UK and our commercial associate Dan Brumfitt is advising businesses to go online and check the revised figures.
“For many businesses rates are their third biggest outgoing, after rent and staff costs,” explained Dan.
“Every five years the underlying value of properties is re-assessed to bring the figures up to date and to take into account any changes that have been made during that time.
“I would urge all businesses to check their draft rateable value as soon as possible so that they can act now if the figure seems unusually high.”
Rates were last revalued in 2010 with rents based on pre-recession valuations made in 2008. Dan said that meant many businesses were already paying unfairly high rates.
The rateable value effectively represents the rentable value, in other words the amount for which the property could be let. The latest valuations will be based on property values in April 2015 and will come into effect in April 2017.
The rateable value is used to determine the business rates payable on the property.
FSS offers a consultation and valuation service for anyone who is concerned about their draft rateable value. For more information on this service please contact Dan Brumfitt on 01423 534199 or 07702 520522.