Rateable values and transitional arrangements
Rateable ValuesAn independent valuation officer of the Valuation Office Agency fixes the rateable value of non-domestic property. All rateable values for properties in Gateshead Council are shown in the local rating list, which can be inspected at The Business Rates Section, Civic Centre, Regent Street, Gateshead, or on the Valuation Office Agency web site:
http://www.voa.gov.uk
From the 1st of April 2005, the rateable value of a property represents its notional annual open market rental value as of the 1st of April 2003.
All non-domestic property is re-valued every five years. The valuation officer may, however, alter the value any time if he believes that the circumstances of the property have changed.
The ratepayer and certain others who have an interest in the property may propose a change in value. Circumstances in which a change in rateable value may be proposed and how such a proposal can be made is available from the valuation office at the following address:
Valuation Office Agency,
Newcastle Group
Eagle Star House
Regent Centre
Gosforth
Newcastle
NE3 3TW
Telephone number: 0845 602 1507
As property values can change significantly between valuations, transitional arrangements have been put in place to limit the subsequent loss or gain.
Transitional Arrangements
Transitional arrangements help to phase in the effects of changes to rateable values between the five-yearly valuations by limiting the amount by which a bill may rise following each valuation. To help pay for the limits on increases there are also limits on reductions in bills.
Limits are applied to yearly increases and decreases until the full amount becomes due.
The arrangements only apply to the value of a property at the time of revaluation. If there are changes to the property during the valuation period, transitional arrangements will not normally apply to the changes.
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