All rateable values are reassessed at a general revaluation.
Revaluations ensure that the share of the national rates bill paid by any one ratepayer reflects changes over time in the value of their property relative to others. Revaluation does not raise extra money for Government.
For those that would otherwise see significant increases in their rates liability, the Government has a transitional relief scheme. This is to limit the increase each year and phase in the increase as a result of each revaluation.
To help pay for the limits on increases in bills, there also have to be limits on reductions in bills. Under the transitional scheme, limits continue to apply to yearly increases and decreases until the full amount is due.
The transitional arrangements are applied automatically and are shown on the front of your bill as a Transitional Adjustment. If your Rateable Value has increased and the increase is being phased in then this adjustment will be negative to help phase in the increase.
If your Rateable Value has decreased and the decrease is being phased in then this adjustment will be positive to phase in the decrease.
The speed that the increase or decrease to your Rateable Value is phased in depends on the size of your Rateable Value. Larger properties have their increase phased in more quickly than smaller property and smaller properties have their decreased phased in more quickly than larger properties.