All non-domestic rating assessments are due to be revised on 1 April 2010 – are you prepared for the changes this may bring?

Every five years, the Valuation Office is required to revalue all non-domestic properties in order to re-align values with changes in the marketplace.

For minerals & waste management properties, the revaluation will be based on values in the marketplace at 1 April 2008, and will consider:

• cost evidence for building and plant construction
• royalties passing for minerals and waste
• site rental evidence

In the case of quarry or landfill properties (or other mineral properties with a variable element), the newly adopted royalty rate will adjust the rateable value year-on-year in line with returned figures.

What is likely?
It is difficult to second guess the Valuation Office with any degree of accuracy, but the valuation date of 1 April 2008, coming before the major economic downturn is giving many cause for concern. At that date, construction costs for buildings, plant and machinery were at a high, and mineral and landfill royalties and gate prices had shown an increase since the last valuation date of 1 April 2003.

In addition, property rental changes between 2003 and 2008 do not bode well for the re-valuation. Our research suggests that we will see increases, in some cases significant. Until we examine the proposals for transitional relief, decapitalisation and void, it is difficult to predict at this stage the net impact on rates bills.

Are there any other changes?
We are currently monitoring potential changes to the non-domestic rates regime including:

• The introduction of business rates deferral announced earlier this year.
• Empty and void rates provisions
• A potential new transitional relief scheme for 2010 How can we assist?

We have advised clients in the minerals, waste management and manufacturing sectors on business rates since the 1970s. We have maintained large portfolios of properties through the modern revaluations from 1990 to date, ensuring excellent returns for our clients.

Our Chartered Minerals & Waste Management Surveyors have experience with a wide range of properties including:

• mineral extraction sites
• landfill sites
• waste management properties, including CA sites, waste transfer, incineration and electricity generation
• manufacturing properties including brickworks, tileworks, concrete and asphalt plants We offer a full management service, and only ever work proactively in protecting our clients interests.

Our service includes:

• appeals
• full referencing of client properties to ensure accuracy in the list
• quarterly monitoring of changes in rates list entries
• full management service dealing with rating returns and checking of rates bills
• rates budgeting on a yearly basis
• proactive applications for void, S44a or empty property relief on areas out of use, and advice on efficient “rates planning”

Contact us to find out how we can help you in the forthcoming rating revalution.