Rates shake up as property values are assessed in city

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A HUGE milestone has been marked for firms in Portsmouth as business rates are reassessed.

According to CVS, the business rates specialist, companies in Portsmouth pay around £80m each year in rates, but the government is now re-evaluating this.

Business rates are based on a government assessment of property values which will be fixed for the next five-year business rates cycle.

This means that the rent businesses are paying will influence their future business rates.

CVS regional director David Ford said: ‘This is a significant time for businesses in Portsmouth as the value of your property will affect your rates in the future. Rates are one of the largest and often most burdensome overheads for business and, in some severe cases, have even risen higher than rents.

‘The revaluation is a chance for business rates to step back into line with actual property values.’

Some 4,200 commercial properties are set to be valued.

It comes after a campaign by The News’ parent company Johnston Press to the government to look again at rates, which was granted in the Autumn Statement by the chancellor George Osborne.