As a commercial property owner or occupier, it is important to understand the factors that go into determining your business rates valuation and when it might be worth challenging it.
Here are some circumstances that may warrant a challenge:
- The property value has changed: If the value of your property has significantly increased or decreased since the last valuation, you may be paying more or less than your fair share of business rates. For example, if the value of your property has decreased due to economic downturn or natural disasters, you may be able to request a reduction in your business rates.
- The property has been wrongly classified: Commercial properties are classified into different categories based on their use, such as retail, office, or industrial. If your property has been wrongly classified, you may be paying higher or lower business rates than you should. For example, if your property is classified as a retail store but is actually used as an office, you may be able to request a reclassification and a reduction in your business rates.
- The property has been wrongly assessed: The valuation of your property is based on various factors such as size, location, and condition. If any of these factors have been wrongly assessed, it could affect your business rates. For example, if the size of your property has been underestimated, you may be able to request a reassessment and a reduction in your business rates.
- The property has been subject to exceptional circumstances: In some cases, exceptional circumstances such as a natural disaster or a change in the local area may warrant a reduction in business rates. If you believe that your property has been affected by such circumstances, you may be able to request a review of your business rates.
If you believe that any of these circumstances apply to your commercial property and you want to challenge your business rates valuation, please get in touch with one of the team by clicking here. We will be able to provide more information on the process and what evidence you need to provide. It is important to note that challenging your business rates valuation can be a complex and time-consuming process, so it is always recommended to seek professional advice if you are considering doing so.