Answer:
Revaluation is the regular review of the rateable values of all business and non-domestic property in England and Wales.
By law we run a revaluation every five years. We adjust the rateable values so that they reflect the rental market at the new valuation date.
The revaluation does not raise any extra revenue for government: it redistributes the amount businesses pay based on the rental market changes. Some areas become more in demand so values there rise relative to the national average. In other areas demand and values fall relative to the national average.
The government adjusts the multiplier so that the overall national business rates bill remains the same after revaluation as before.
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