News on 24 January
    Property Rates to Rise by 24%
 

The draft non-domestic property rates, published by the Inland Revenue, reveal potentially massive rises in the rateable values of individual properties. The average increase across the board is set to be 24% from the 1995 values, with much larger increases in some individual cases (notably 282% for Canary Wharf).

The local Rating lists, published on the internet, show an entry for each commercial property in England and Wales for 2000. The historic values from 1995 are also available. There is a separate list for each Billing Authority available from the Inland Revenue's valuation office at www.vao.gov.uk. The new values, set to take effect from April 2000, may provoke such decisions as whether to retain, sell or move properties, and whether the total number of properties used by an organisation should be reduced.

In the next issue of Facilities Management Legal Update (Vol.4, Iss.1), Mark Harrey, ratings expert at Paddison & Partners, explains in full the potential impact of the new rateable values and the procedure for appeals.

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