Revaluation is a review of the rateable values of all non-domestic properties in England and Wales carried out by the Valuation Office Agency (VOA). This happens every 3 years.
Rateable value
To calculate the rateable value, the VOA analyses the rental property market to make sure that rateable values reflect the property market accurately. A property’s rateable value is an assessment of the annual rent the property would rent for, if it were available on the open market at a fixed valuation date.
From 1 April 2026, the rateable values are based on the valuation date of 1 April 2024.
Revaluation
At revaluation, the VOA reassess and update the rateable values of all business properties.
This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall.
You can find details of your new rateable values for 1 April 2026 and get an estimate of your 2026/27 business rates bill using the find a business rates valuation service on GOV.UK.
Report property changes
If a property has changed, for example its floor sizes are different, then you can let the VOA know now using a business rates valuation account on GOV.UK.
Challenge your property’s rateable value
If you believe your future rateable value is too high, you can get in touch with the VOA using a business rates valuation account on GOV.UK. You can only do this after 1 April 2026, which is when the future valuation legally takes effect and can be challenged. You must continue to make payments of your business rates as normal. If you do overpay, you can request a refund.
Government autumn statement 2025
The government announced a number of steps to help ratepayers when the revaluation came into effect on 1 April 2026.
The main steps to provide assistance to businesses are:
to support retail, hospitality and leisure properties the government is introducing 2 permanently lower business rates multipliers from 1 April 2026 for these types of properties. The small Retail, Hospitality and Leisure multiplier (for rateable values up to £50,999) will be 38.2p and the standard Retail, Hospitality and Leisure multiplier (for rateable values from £51,000 to £499,999) will be 43p
for non-retail, hospitality and leisure properties with a rateable value up to £50,999, the small multiplier will be 43.2p, and the standard multiplier for rateable values between £51,000 and £499,999 will be 48p
a new high value multiplier of 50.8p is to be introduced for all properties with a rateable value of £500,000 or above
for businesses seeing higher bills as a result of the revaluation, the government has provided a Transitional Relief scheme so that larger increases are phased in over 3 years
there will also protection for small businesses who lose eligibility for Small Business Rate Relief due to new property valuations, through a new Supporting Small Business scheme. This new scheme will also provide further help to limit increases for businesses who will lose Retail, Hospitality and Leisure relief as the relief ends on 31 March 2026
For more information on the Budget 2025 and how it will affect business rates, you can read the Retail, Hospitality and Leisure Factsheet on GOV.UK.
Once we receive further details about the transitional relief scheme and the Supporting Small Business scheme, we'll update our webpages further.