Business rates are a tax levied against non-residential (commercial) properties.
The amount due is calculated using a properties ‘rateable value’ which is determined by the open market rental value on a specific date, usually two years prior to a new rating list being made live.
A new rating list comes into effect every 5 years, with the current list starting on the 1st April 2017 and running to the 31st March 2021 . This means that the rateable values used for the new rating list were calculated using a properties open market rental value from the 1st April 2015.
If the next rating list was due to come into effect on the 1st April 2021 rateable values will therefore be determined by the open market rental values as at 1st April 2019.