Business Rates Revaluation 2026: has your property been assessed correctly?

The new rating list is now live: what does this mean for your business?

From 1 April 2026, the new Business Rates Rating List came into effect across England and Wales, replacing the 2023 Rating List and setting rateable values for the period through to 31 March 2029. The new assessments are based on rental market evidence as at 1 April 2024.

Many businesses have already received their 2026/27 rates bills and, in some cases, are seeing significant increases in liability. Others may have seen reductions, while some assessments have remained largely unchanged.

However, one question remains: has your property been assessed correctly?

Why the 2026 revaluation matters

Business Rates are often one of the largest occupational costs faced by commercial occupiers, second only to rent. Even relatively small inaccuracies in a rateable value can translate into substantial overpayments over the life of the rating list.

The 2026 revaluation is intended to reflect changes in the property market since the previous valuation date. However, the Valuation Office's assessments are produced on a mass-appraisal basis, meaning errors and inconsistencies can and do occur.

Common issues include:

• Incorrect floor areas.
• Failure to reflect physical limitations or disrepair.
• Assessments that are out of line with comparable properties.
• Changes in market conditions not fully reflected.
• Inconsistencies between neighbouring or competing premises.
• Incorrect treatment of ancillary accommodation, mezzanines or yard areas.

We are already seeing significant variations

Since publication of the 2026 Rating List, we have undertaken reviews across a wide range of commercial property types throughout England and Wales.

Whilst many assessments appear broadly reasonable, our initial reviews have identified instances where closer scrutiny may be justified. In our experience, opportunities can arise across all sectors, including:

• Industrial and manufacturing premises.
• Warehouses and distribution facilities.
• Offices and business parks.
• Retail and trade counter accommodation.
• Leisure, healthcare and specialist operational properties.
• Mixed-use and multi-occupied buildings.

Our experience is that opportunities can arise across any property sector. Whether industrial, office, retail, healthcare, leisure or specialist operational accommodation, it is important that ratepayers do not assume an assessment is correct simply because it has been issued by the Valuation Office Agency. Every property should be reviewed against local evidence, comparable assessments and its own unique characteristics to ensure that liabilities are fair and accurate.

What can be challenged?

Ratepayers have the right to review and challenge their rateable value where there are reasonable grounds to do so.

The process typically involves:

• Reviewing the valuation methodology adopted.
• Analysing comparable assessments and rental evidence.
• Identifying factual inaccuracies.
• Preparing and submitting representations to the Valuation Office.
• Negotiating reductions where appropriate.

A successful reduction can often result in substantial savings over the remainder of the rating list period.

Our approach

At Ask-re, we act exclusively for occupiers and businesses.

We undertake a detailed review of each assessment, considering:

• The property's physical characteristics.
• Comparable local assessments.
• Market rental evidence.
• Occupation and operational constraints.
• Opportunities for appeal or challenge.

Importantly, we do not simply look at whether a rateable value has increased or decreased. A reduction from the previous list does not automatically mean the new assessment is correct, just as an increase does not automatically mean it is excessive.

Our role is to establish whether the assessment is fair, accurate and defensible.

Initial review

If you have received your 2026/27 Business Rates bill and would like an independent opinion, our team can undertake an initial desktop review and advise whether there are grounds for further investigation.

In many cases, opportunities can be identified quickly and cost-effectively.

To discuss your assessment or arrange a review, contact the Ask-re Business Rates team.