As a commercial property owner or occupier, it is important to understand the factors that determine your business rates valuation and whether you could challenge these.
Here are some circumstances that may warrant a challenge:
- The property value has decreased: Property values may decrease for a variety of reasons, for example as a result of an economic downturn, oversupply or a natural disaster. If the value of your property has significantly decreased since the last valuation, you may be paying more than your fair share of business rates and you can request a reduction.
- 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 incorrect business rates. 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 overestimated, you should request a reassessment and may be able to reduce your business rates.
- The property has been subject to exceptional circumstances: Some exceptional circumstances may, for example as a result of a natural disaster or significant change in the local area, warrant a reduction in business rates. If you believe that your property has been subject to an exceptional circumstance, you should request a review of your business rates.
If any of the above circumstances apply to your commercial property and you wish to challenge your business rates valuation, please get in touch with one of our team by clicking here.
We will provide more information regarding the processes involved and what evidence you must provide. It is important to note that challenging your business rates valuation is complex and time-consuming. It is always recommended that you seek professional advice.