Monmouthshire County Council is calling for a re-think on the latest revaluation of business rateable values assessed by the Valuation Office Agency (VOA). Some businesses across the county are reporting an increase of over 200% in rateable values from 1st April 2017.
Councillors and officers will meet with senior officials of the Valuation Office Agency and will also make representations to Welsh Government at the highest level. The subject of business rateable values will be on the agenda of the next meeting of the county council for discussion by all members.
New proposed rateable values are based on the rental value of properties at 1st April 2015, reflecting changes in the property market across the country since the last valuation undertaken in 2010.
Deputy Leader Bob Greenland, the cabinet member for Enterprise said: “We shall ask for a postponement of the revaluation so that the methodology can be examined. It surely cannot be right that valuations based on rental values mean that some retailers and other businesses in rural areas discover their rate valuations have been hiked way beyond an acceptable level, while in central Cardiff we see some decreases in rateable values proposed. Not all our businesses face increases though and there may be good reasons for some proposed changes, but the system must be seen to be transparent and fair.”
One of the council’s four major priorities is to support enterprise, entrepreneurship and job creation.
Councillor Greenland added: “Alternately, we shall seek assurance that those who lodge appeals against the revaluation should have increases postponed until the determination of the appeals. Businesses asked to pay these unexpected hikes at short notice could well suffer severe cash flow problems – enough to tip them over the edge. If the Welsh Government refuses to re-examine these proposals, we could lose some of the county’s iconic businesses.”
Draft rateable values are currently available on the VOA website at www.gov.uk/voa/revaluation and businesses in Monmouthshire are encouraged to check their draft rateable value by 30th November 2016 and inform the VOA of any inaccuracies. Businesses are unable to appeal their rateable value until the start of the new financial year next April.