Business Rates in Basildon

Since the revaluation came into effect on April 1st, 2023, businesses in Basildon have faced an average increase of 13% in business rates for the office sector alone. These increases affect a wide range of commercial property types across the area. The Valuation Office Agency (VOA), which sets rateable values (RVs) for properties, has valued all commercial properties in England and Wales at £70 billion for the 2023 rating list, with revenues estimated to reach £30 billion this year—an amount projected to increase further next year.

Basildon’s Local Economy

As business rates climb, Basildon’s commercial property owners and tenants are feeling the strain. Not only are they facing higher rates, but they are also battling other rising costs like rent, mortgages, utilities, and wages. For businesses trying to stay competitive in these tough conditions, a fair and accurate tax assessment becomes crucial. According to the International Property Tax Institute (IPTI), the UK already has one of the highest commercial property taxes globally, and the latest revaluation raises the stakes even higher.

Are You Paying More Than You Should?

If you’re a Basildon business owner, it’s possible that your rateable value has been inaccurately assessed, leading to overpayments. The VOA may have increased rates based on outdated or incorrect property values, causing businesses to pay more than necessary. Studies by RVA Surveyors have shown that as many as 50% of commercial properties in the UK could be overpaying.