On 1st April all businesses will undergo a rateable value revaluation, the Valuation Office Agency (VOA) adjusts the rateable value of business properties to reflect changes in the property market.
The last revaluation came into effect in England and Wales on 1 April 2017, based on rateable values from 1 April 2015. The new revaluation will come into effect on 1 April 2023, based on rateable values from 1 April 2021.
What will happen?
All properties are given a new rateable value and this new figure may affect whether you continue to be part of our BID community and if so, how much you will contribute going forward. Businesses with a rateable value of £12,000 or above are included so if your amount has dropped under that threshold, you will no longer contribute to the BID from August 2023.
Find out your new rateable value by checking the VOA website here.
You do not need to contact us if you are now below the threshold, you will automatically be removed by your local authority, please contact Scarborough Borough Council or East Riding of Yorkshire Council with any queries on how your new rateable value has been calculated.
