Revaluation
- Is it happening or is it not?
- The revaluation in England that was scheduled to come into effect on 1st April 2007 was postponed in September 2005. The Government has stated that it does not believe that the revaluation in England will take place in the lifetime of this Parliament.
- Council tax was introduced in England and Wales in 1993, and all homes were allocated a council tax band based on their value on 1st April 1991. In England this has not changed, while in Wales, a council tax revaluation came into effect on 1st April 2005 and all homes were allocated a council tax band based on their value on 1st April 2003. The council tax bands in Wales were adjusted to reflect 2003 values and an extra band was added to cope with higher values.
- The purpose of revaluation is to help keep the assessments on homes in line with fluctuations in the property market. Revaluations of non-domestic and business property are carried out every five years.
- Northrn Ireland has recently valued homes for tax purposes but the VOA has no involvement there. England has a different local government system.
More information about revaluation can be found at the Valuation office website:
http://www.voa.gov.uk/TheFacts/index.htm