Rates reduction boost for Borough of Rochdale

Mark Rigby, CEO of CVS

The shops across the Borough of Rochdale will see a collective reduction in their rateable values - used to calculate business rates bills - of £2.87million, representing a fall of 14.99% in property values as a result of the revaluation, according to a detailed analysis by business rent and rates specialists CVS.

CVS project, as a result of the falling property assessments, shops across the borough will pay £702,076 less in business rates tax come April than they did in 2016/17 representing a tax cut of 7.47%.

Over the full five years of the revaluation, as shops across the borough start to enjoy the full effect of the falling property values through the transitional relief scheme which caps how quick bills can fall, a total of £5.59million less in tax will be paid by Rochdale shops even allowing for annual inflationary increases.

Number of Properties: 1,818
Rateable Value 2010: £19,166,615
Rateable Value 2017: £16,292,730
Rateable Value Difference: -£2,873,885
Rateable Value Difference Percentage: -14.99%
Rates Paid 2016: £9,394,041
Rates Paid 2017: £8,691,970
Rates Paid Difference 2016/17: -£702,070
Rates Paid Difference 2016/17 Percentage: -7.47%
Rates Paid Average: £8,275,447 (given the differing levels of transitional relief over the five years and forecasted inflation by OBR this calculates the entire bill over the five years and averages it out as average per year over five years)
Rates Paid Difference on Average: -£1,118,594 (the total five year saving)
Rates Paid Difference on Average Percentage: -11.91%