Island Businesses Urged To Check New Rateable Property Values

Isle of Wight businesses are being encouraged to review the updated rateable value of their properties following a national revaluation.

The reassessment, carried out by the HMRC Valuation Office, has updated the rateable values of all business properties across England.

A property’s rateable value is an estimate of its annual rental worth and is used by councils nationwide to calculate Business Rates bills.

With the new valuations now in place, some businesses may see their bills increase, others decrease, while some may notice little or no change.

Any business that believes its new rateable value is incorrect can review the details and request a reassessment directly through the Valuation Office.

This process is free, and there is no requirement to pay an agent.

Local authorities, including the Isle of Wight Council, do not have the power to alter rateable values.

Only the Valuation Office can make changes.

Businesses can check or challenge their rateable value via the GOV.UK website.

Updated bills will include the new rateable value, the multiplier used to calculate the charge, and any reliefs applied.

If a business believes it may qualify for a relief not shown on its bill, it is advised to contact the Isle of Wight Council’s Business Rates team or visit the council website.

For holiday lets assessed for business rates, changes in valuation will typically only affect the bill if the property does not qualify for Small Business Rate Relief.

Further details on available reliefs can be found on the Isle of Wight Council website.

Claire Shand, Director of Corporate Services at the Isle of Wight Council, said:

“A revaluation does not raise extra money overall; it simply redistributes the total amount based on changes in property values and helps ensure the system remains fair.

“We urge Island businesses to check their bills carefully and to challenge their rateable value if they believe it is incorrect.”