The “rateable value” of your property which is assessed by the Valuation Office Agency (VOA), (an agency of HM Revenue and Customs), is multiplied by the “multiplier” (set by central government).

Rateable value

A property's rateable value is an assessment of the annual rent the property would rent for if it were available to let on the open market at a fixed valuation date.

  • From 1 April 2023, the rateable values will be based on the valuation date of 1 April 2021.

If you think your rateable value is incorrect, you can find and view your property details here:

Find and correct your business rates valuation (GOV.UK website)

Revaluation

The VOA regularly reassess and update the rateable values of all business properties usually every five years. This is called a Revaluation. This is done to maintain fairness in the system by redistributing the total amount payable in business rates, reflecting changes in the property market. Revaluation does not raise extra revenue overall. The latest revaluation is effective from 1 April 2023. 

Rates Revaluation 2023

Multiplier

There are two business rates multipliers: the standard multiplier and the small business multiplier. The government normally changes these multipliers each year in line with inflation. However, for 2022/23 they are unchanged.

Year 2019/20 ​2020/21 ​2021/22 2022/23 2023/24

Small Business Multiplier

 49.1p ​49.9p ​49.9p 49.9p 49.9p

Standard  Multiplier

 50.4p ​51.2p ​51.2p 51.2p 51.2p

See also

Contact us

Telephone: 020 8545 3751

Email: Business.Rates@merton.gov.uk

You can write to us at:

Business Rates
London Borough of Merton
PO Box No 559
Morden
SM4 5ZY

We are no longer able to attend to personal visitors at the Civic Centre. You can email us anytime or telephone between 9am and 5pm.