Rateable value of business premises
Every business property has a rateable value set by the Valuation Office (within HMRC), an executive agency of HM Revenues & Customs. This value is shown on your bill and is like the rent you would pay for the property each year. The Valuation Office can change this value if things change. If you think the value is wrong, you can check and challenge it.
Find out more about getting help with business rates – GOV.UK.
Revaluation of business properties
All property values are checked again at certain times. The last check was on 1 April 2026. These checks will happen every three years from 1 April 2023. This helps to make sure that business rates are up-to-date and match current rental values. Regular checks help the system stay in line with changing economic conditions.
Reassess the rateable value business property
The value of your property for tax purposes can change if:
- you make changes to your property, like building or removing an extension.
- your property is in very bad condition and can’t be fixed easily – in this case, it might be taken off the tax list or its value might be set to zero
- you or others who have an interest in the property think the value is wrong
Rateable value appeals are free and will be checked by a valuation officer. If you and the officer don’t agree, the case will go to a valuation tribunal.
If you hire someone to help with your appeal, make sure they know about property values and have the right insurance. It’s best to choose someone who is a member of the Royal Institution of Chartered Surveyors or the Institute of Revenues Rating and Valuation. They follow rules to protect you from bad advice.
You must keep paying your business rates while your appeal is being looked at.
For more information on how to appeal, go to How to challenge your business rates valuation – GOV.UK
Property damage and rateable value
The Valuation Office does not usually change your rateable value if your property is in a state of disrepair. There are however, exceptions to this. For more information go to Repair and rateable value – GOV.UK
Contact us
For more information, contact the business rates team at BusinessRatesTeam@portsmouthcc.gov.uk.