While some business owners based in the neighbouring county of Monmouthshire are very concerned they could be facing a huge hike in rates next year, it seems as if businesses in Herefordshire are unlikely to be affected.
Monmouthshire County Council is calling for a re-think on the latest revaluation of business rateable values assessed by the Valuation Office Agency (VOA). Some businesses across the county are reporting an increase of over 200% in rateable values from April 1st, 2017.
A spokesman for Herefordshire Council said, “I think our team is expecting a reduction due to the financial reliefs available.” More will be known next year when the rates are published.
Councillors and officers from Monmouthshire Council are planning to meet with senior officials of the Valuation Office Agency and will also make representations to Welsh Government. New proposed rateable values are based on the rental value of properties at 1st April 2015, reflecting changes in the property market across the country since the last valuation undertaken in 2010.
Deputy Leader Bob Greenland, the cabinet member for Enterprise said: “We shall ask for a postponement of the revaluation so that the methodology can be examined. It surely cannot be right that valuations based on rental values mean that some retailers and other businesses in rural areas discover their rate valuations have been hiked way beyond an acceptable level, while in central Cardiff we see some decreases in rateable values proposed. Not all our businesses face increases though and there may be good reasons for some proposed changes, but the system must be seen to be transparent and fair.”
Draft rateable values are currently available on the VOA website at www.gov.uk/voa/revaluation and businesses in Monmouthshire are encouraged to check their draft rateable value by 30th November 2016 and inform the VOA of any inaccuracies. Businesses are unable to appeal their rateable value until the start of the new financial year next April.
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