The next revaluation of business rates, which will come into effect on 1 April 2017, will be 'the most contentious yet,' according to a major commercial property consultant.
Although local authority income will increasingly depend on business rate levels, Bilfinger GVA is warning that rents for most of the property market are still below 2008 levels.
Bilfinger senior director, Denise Trollope, said: 'The government's commitment to collect the same revenue in real terms together with our estimate of the fall in the overall rateable value pool is likely to lead to a substantial increase in the rate in the pound or multiplier.
'This could lead to significant swings in rates liability dependent on sector and geographical influences. This, combined with an overhaul of the current appeal system, will make the 2017 revaluation one of the most contentious rating lists yet.'
Visit The MJ (£) for the full version of this story.