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Rating Revaluation – Winners & Losers

Over the last week and following the revaluation of the rating system, the media has been full of horror stories highlighting that in some cases businesses are being faced with a two/three fold increase.

The stories highlight the north/south divide.  Rates are based on rental and property values and it has been no secret that during the course of the last five to six years, values have escalated in the south of England whilst remaining static or indeed reducing in the north.  New rating assessments have identified changes in value in the market since the last rating review seven years ago.

Impey & Company specialise in undertaking marketing and providing property advice in relation to buildings in Stockport and the south Manchester area and have been advising companies in connection with their rating liabilities.

In the majority of cases the impact of the new assessment on Stockport properties has been fairly marginal.  In relation to industrial buildings,  we have seen an average reduction of 10% in rateable value and a 5 – 8% reduction for offices.   More extensive reductions have been achieved within the key retail areas.  For example, on Princes Street we have seen a rateable value reduction for a client from £42,000 under the old system to £19,500 reducing the rates liability by over 50%.

A further example is Stockport County Edgeley Park Stadium seeing 10% reduction in rateable value and for offices  at Bramhall Moor Technology Park, a 13% reduction in rateable value obtained.

It is important that all rate payers should check their rateable values as new assessments do contain a number of errors and the appeal process is limited,  and so it is important to ACT NOW.

Below  is a link to our earlier article dealing with the rating process and if we can provide advice in connection with rates issues, please do not hesitate to contact either :

Norman Benton at norm.benton@impey.co.uk or myself

Richard Morris at richardmorris@impey.co.uk

 

Click to read our earlier article on the rating process