Colliers International reports that eligible south west businesses could reclaim up to six-figure sums on overpaid business rates if they lodge an appeal by 31 March.
Real estate advisers Colliers’ research analysed the number of office, industrial and hotel assessments in the region, along with total rateable value (RV). These revealed that, in the south west, industrial property businesses could claim up to £127,000, hotel operators up to £19,000 per hotel and office occupiers and landlords up to almost £4,000 per office.
These figures are based on actual repayments against overpaid rates secured by Colliers for eligible client businesses throughout England and Wales, which average a 7.5% saving for the industrial and office property sectors, and 12.5% for hotels.
Ben Batchelor-Wylam, Head of Rating at Colliers International’s Bristol office, urged any business which hasn’t yet investigated its current ratings assessment and is eligible to lodge an appeal to do so as soon as possible.
“These three markets have very specific reasons to seriously consider appealing their business rates – but not much time to do so,” he said.
“For example, in our experience, the Valuation Officer misunderstands the dynamics of the industrial property market and invariably uses inappropriate rental evidence to determine the assessments on the majority of properties. Hoteliers can appeal their rating assessment if any new competition opens up in their locality, which can result in a significant reduction in the rateable value.
“The office market, on the other hand, has become very polarized, particularly in many regional centres, and in our experience, given the dearth of rental evidence in 2008, the Valuation Officer has often done little more than put his finger in the air to ascertain rateable values.
“We would therefore encourage any ratepayer who hasn’t already done so and is eligible, to look closely at how their property has been valued before the shutters come down at the end of March.
“We are also concerned that the new deadline will cause panic, with the cowboys in the industry persuading clients to appeal en-masse without appropriate due diligence.”
Businesses have just three weeks left to appeal their business rates, before the deadline of 31 March.
