National non-domestic rating multiplier
The council works out the business rates bill by multiplying the rateable value of the property by the appropriate multiplier. There are two multipliers; the standard non-domestic rating multiplier and the small business non-domestic rating multiplier. The former is higher to pay for small business rate relief. Except in the City of London where special arrangements apply, the government sets the multipliers for each financial year for the whole of England, according to formulae set by legislation.
Between revaluations the multipliers change each year in line with inflation and to take account of the cost of small business rate relief. In the year of revaluation the multipliers are rebased to account for overall changes to total rateable value and to ensure that the revaluation does not raise extra money for government.
The current / previous multipliers are:
|Year||Multiplier||Small business multiplier|
All rateable values are generally reassessed at a general revaluation to ensure bills paid by any one ratepayer reflect changes over time in the value of their property relative to others. This helps maintain fairness in the rating system by updating valuations in line with changes in the market. The 2017 rating list will be based on rental values at 1 April 2015. More information on revaluation 2017 can be found on GOV.UK - Valuation Office Agency.
In the year of revaluation, the multipliers are rebased to account for overall changes to total rateable value and to ensure that the revaluation does not raise extra money for the government. Similarly, the change in the revaluation date to 2017 has no effect on the total amount of revenues raised from business rates.