Revaluation 2023 is now underway. During revaluation The Valuation Office collect rental information from businesses to adjust their rateable value.
This is to ensure that business rates are accurate and reflect any changes in the property market.
The Valuation Office Rating Contact (VORC) scheme is designed to reduce the workload for customers with larger property portfolios.
It enables ratepayers with more than 20 properties in their portfolios to submit their rental details in bulk, cutting down the time and resources that they would otherwise spend providing information for all of their properties individually.
There are already more than 400 clients signed up to the VORC scheme, including Local Authorities.
Phil Thomas, a Property Records Officer at Carmarthenshire County Council, said:
“Thanks to the VORC scheme, we can complete the returns for Carmarthenshire in one morning, compared with weeks of form filling. I would recommend it to anyone.”
For anyone who agrees to take part, The Valuation Office will work with them to agree an annual schedule for sharing your rental information.
This will only need to be updated for any rent or lease changes, or for the addition and removal of properties from their portfolio.
A single point of contact will be provided throughout the process to ensure there is support for any questions.
Chief Valuer at The Valuation Office, Alan Colston, says:
“Rental information is vital in achieving an accurate and fair revaluation.”
“That’s why as an Agency we are looking at ways we can make it easier for ratepayers to send us their details.”
“The VORC scheme does just that, and we’ve already had some great feedback from customers.”
“If you think the scheme could benefit you, please do get in touch.”
Anyone interested in signing up for the scheme can contact the VORC team for more information here.