Proposed rateable values for the rating revaluation which is effective from 01 April 2023 are now available on the valuation office website.
Town centre retail values look to have been reduced considerably which should help some of our existing tenants and make some of our empty commercial properties more lettable. Hopefully the small business rate relief thresholds stay the same and transitional arrangements are scrapped. The multiplier is to remain at 49.9p for 2023/24 for properties with rateable values under £51,000 (51.2p for anything over this amount).
This is significant news which will have an impact on the market. Hopefully it will help the high street. Still no mention as to online ecommerce tax, but that said, the Big Box market will still feel the impact here.