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Commercial Property News
Business rates appeals on the rise
There has been a 21% increase in the number of business rates appeals that have been submitted over the past two years, new figures have revealed.
Data obtained by NB Real Estate under the Freedom of Information Act revealed that 118,500 appeals were submitted to the Valuation Tribunals last year, up from 97,700 in 2007.
The jump in the number of businesses challenging the amount they pay for their commercial property has been attributed to the recession and the application of the rates to empty business property.
In addition, a growing number of firms have been looking to make last-minute appeals ahead of the introduction of new higher rates on April 1st.
Director at NB Real Estate John Powell noted firms have been "scrutinising their bills more closely in the recession", which has contributed to the increase.
He added the surge over the last two years has bucked recent trends, as appeals are "generally made in the first two years following a revaluation and tend to tail off thereafter".
NB Real Estate recently suggested more commercial properties will be demolished as a result of the upcoming increase in rates.
Data obtained by NB Real Estate under the Freedom of Information Act revealed that 118,500 appeals were submitted to the Valuation Tribunals last year, up from 97,700 in 2007.
The jump in the number of businesses challenging the amount they pay for their commercial property has been attributed to the recession and the application of the rates to empty business property.
In addition, a growing number of firms have been looking to make last-minute appeals ahead of the introduction of new higher rates on April 1st.
Director at NB Real Estate John Powell noted firms have been "scrutinising their bills more closely in the recession", which has contributed to the increase.
He added the surge over the last two years has bucked recent trends, as appeals are "generally made in the first two years following a revaluation and tend to tail off thereafter".
NB Real Estate recently suggested more commercial properties will be demolished as a result of the upcoming increase in rates.
Wed, 17th Mar 2010