A rateable value can look like a fixed figure on a bill, but it is a valuation judgement based on specific facts, dates and market evidence. Knowing how to check property valuation properly can reveal whether your business rates liability reflects the premises you occupy or whether you may be paying more than is fair.
For commercial occupiers, this is not simply an administrative exercise. A higher-than-justified rateable value can increase a significant annual overhead, particularly across larger premises or multi-site portfolios. The right review starts with the Valuation Office Agency’s assessment, then tests the evidence and assumptions behind it.
What property valuation means for business rates
For business rates purposes, the relevant figure is usually the rateable value, not the market price of your property and not necessarily the rent you pay today. The Valuation Office Agency, commonly known as the VOA, assigns a rateable value to most non-domestic properties in England and Wales.
In broad terms, the rateable value represents an estimate of the annual rent the property could have achieved on a set valuation date, assuming it was available to let on certain statutory terms. The assessment is then used with the relevant business rates multiplier to calculate the starting point for your rates bill.
That distinction matters. A property may have a strong capital value yet a lower rateable value, or vice versa. Equally, an increase in your actual rent does not automatically prove that the rateable value is correct. The question is whether the VOA’s figure is supported by appropriate evidence for the relevant valuation date and the particular characteristics of your premises.
Your final liability may also be affected by reliefs, exemptions, transitional arrangements and local authority billing decisions. Checking the valuation is essential, but it is one part of making sure your overall business rates position is correct.
How to check property valuation in practical terms
Begin by finding the official rating assessment for the property. Check the address, property description, rateable value, effective date and any details about the areas or valuation scheme used. Small errors at this stage can have material consequences. A unit may be recorded with the wrong floor area, an incorrect use, or features that no longer exist.
Next, compare the assessment with the physical reality of the premises. This should include the accommodation recorded by the VOA, such as sales space, offices, storage, workshops, yards, mezzanines or ancillary areas. Measurements should follow recognised rating practice, so an apparent difference in square footage is not always enough on its own. However, a mismatch is a clear reason to investigate further.
Then consider whether the description properly reflects how the property is used and accessed. A warehouse with restricted loading, an office with poor natural light, a retail unit with limited frontage or upper floors with no practical customer access may not be directly comparable with better-positioned premises. Condition can be relevant too, but the evidence needs to show that the issue affected the property at the appropriate time.
The final stage is comparison. Look at similar local properties, but do so carefully. Comparable assessments are useful only where the properties are genuinely alike in location, size, layout, use, quality and trading circumstances. Two shops on the same street can justify very different assessments if one has substantially better frontage, footfall or configuration.
Check the valuation date before drawing conclusions
One of the most common sources of confusion is the valuation date. Rating assessments are based on a historic market date set for the rating list, rather than current rents or conditions alone. For the 2023 rating lists in England and Wales, the valuation date was 1 April 2021.
This means a rent agreed in 2025 may have limited value when reviewing a 2023 list assessment unless it can be properly analysed back to the valuation date. Similarly, evidence from a period of unusually high or low demand may need adjustment before it can support a challenge.
A professional review considers what the market evidence shows at the statutory date, not simply whether the property feels expensive now. This is where specialist rating advice can be particularly valuable: the technical rules can make a sensible commercial argument difficult to translate into a valid valuation case.
Evidence that can support a review
The strongest cases usually combine several strands of evidence. Lease documents and rent review memoranda can help establish the rental tone for similar properties. Plans, measured surveys, photographs and records of alterations can confirm whether the VOA’s factual assumptions are accurate.
For premises affected by a physical problem, evidence should be specific and dated. This might include surveyor reports, correspondence with landlords, repair records, photographs, access restrictions or details of works that disrupted occupation. A vague assertion that a property is in poor condition is unlikely to carry the same weight as clear evidence of how a defect affected use or rental value.
Business performance can sometimes be relevant, especially for certain specialist property types, but falling turnover alone does not usually prove that a rateable value is excessive. The cause matters. A decline linked to an occupier’s own business decisions may be treated differently from a decline caused by a physical change in the locality or a restriction affecting the property.
Keep a clear record of dates. When a change occurred can determine whether it affects the existing assessment, supports a proposal or is more relevant at the next revaluation.
Common reasons an assessment may be too high
There is no single formula for identifying an excessive rateable value, but several issues regularly warrant closer attention:
- Incorrect floor areas, property dimensions or ancillary accommodation.
- An inaccurate property description or use classification.
- Poor access, restricted loading, weak frontage or inferior layout compared with the evidence relied upon.
- Physical defects, disrepair or works affecting occupation at the relevant time.
- Changes in the locality, such as roadworks, loss of access or nearby development, where rating rules allow these to be reflected.
Not every difference will justify a reduction. The VOA may already have allowed for a disadvantage through the valuation rate applied, or the issue may not have existed on the relevant date. A proper review tests the whole assessment rather than focusing on one unfavourable feature in isolation.
Compare your property with the right evidence
It is tempting to search nearby rateable values and assume the lowest one sets the benchmark. That approach can be misleading. Rateable values are often built from a price per square metre or another valuation method, adjusted for the property’s individual features. A smaller unit may have a higher rate per square metre, while an awkwardly configured property may attract an allowance.
Look for comparables with a similar use and position, then consider their size, floor level, specification, access and state of repair. Where possible, compare the underlying valuation approach rather than the headline figure alone. This helps distinguish a genuinely inconsistent assessment from a valid difference in valuation.
For portfolio occupiers, consistency is also worth testing across sites. Similar units operated under the same model may have been assessed differently because of local rental evidence, but unexplained variations can identify premises that deserve closer scrutiny.
Understand the route for making a challenge
In England, the formal process generally involves Check, Challenge and, if necessary, Appeal. Before progressing a case, the ratepayer or their authorised agent must establish the facts held by the VOA and identify the grounds for disputing the assessment. A challenge requires supporting evidence and a reasoned valuation case, not simply a request for a lower bill.
In Wales, procedures and deadlines can differ, so it is important to use the route that applies to the relevant property and rating list. Timing is critical in both jurisdictions. Missing a deadline, relying on the wrong valuation date or submitting incomplete evidence can limit the options available.
There is also a commercial judgement to make. Some assessments may have only a modest prospect of reduction once the evidence and costs of pursuing a case are considered. Others can present a clear opportunity for meaningful savings. An independent review should be candid about that distinction.
When professional rating advice is worthwhile
A specialist surveyor can review the rating assessment, inspect the property, analyse comparable evidence and prepare a case aligned with rating law and valuation practice. This is particularly useful where the premises are high value, unusual, affected by changes or part of a larger estate.
Get Your Rates Right.com supports commercial occupiers with rating reviews and formal appeal representation, helping businesses assess whether their liabilities are accurate and fairly calculated. Advice from RICS and IRRV-qualified professionals can provide a clearer view of both the prospects and the practical next steps.
If the figures on your rates bill do not match the property you occupy, treat that concern as a prompt to examine the evidence, not as something to accept until the next revaluation. A timely, well-supported review can turn a technical assessment into a fairer business cost.
