Business Rates Revaluation 2017
Commercial Property occupiers are urged to check the proposed new business rates assessments which have just been published by the Governments Valuation Office Agency , reports Charles Howell of Cooper Green Pooks Commercial Property Consultants , Shrewsbury
The new 2017 Rating List Assessments affect every commercial property in England and Wales. Under the new ‘Check Challenge and Appeal’ procedure business property owners and occupiers have 6 months to check and bring to the attention of the Valuation Office any factual inaccuracies to the proposals before the new list is effective from April next year.
Whilst the large increases in Rateable Values proposed for shops in the West End of London have been well publicised, in Shropshire and Mid–Wales there is a mixed picture. Looking at a range of provisional assessments in the area reveals that, for example, a shop in Pride Hill, Shrewsbury currently has a Rateable Value of £100,000, but a reduction to £80,500 is proposed whereas a small shop in Wyle Cop-popular with small independent retailers- could see an increase from £9,300 to £14,000.
For factory units, in Telford a typical unit at Halesfield could see an increase from £45,500 Rateable Value to £53,500 whereas a similar property at Mochdre Industrial Estate, Newtown could see a reduction from £38,750 to £34,750.
Offices show similar variations. A large building at Shrewsbury Business Park could see a reduction from £185,000 to £138,000 but in Claremont Bank in the town centre the assessment remains the same at £6,700. In Welshpool an offices assessment has increased from £11,700 to a proposal of £15,000.
Charles Howell commented : ‘With such a wide variation in assessments , owners and occupiers should check the proposed assessment and take appropriate profession advice from a Chartered Surveyor or other commercial property specialist . ‘
Details of proposed assessments can be found on http://www.gov.uk search ‘Valuation Office Agency ‘
For further information contact:
Charles Howell or Alessio Dyfnallt, Cooper Green Pooks Commercial Property Consultants – 01743 276666. cth@cgpooks.co.uk/ ad@cgpooks.co.uk
10th October 2016
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