Graham + Sibbald were appointed to examine 2023 Valuation Roll entries for a number of retail units at Loch Lomond Shores and to lodge formal proposals where it was felt Rateable Values were excessive and should be challenged.
APPROACH
Initially the 2023 Valuation Roll entries were examined and the Rateable Values considered in relation to the statutory hypothesis. Where it was felt that Rateable Values were excessive and unreasonable formal proposals were lodged to challenge those entries on the Valuation Roll. These formal proposals included the grounds on which the proposal was made as well as supporting evidence. This initial phase had to be completed within a strict timeframe to satisfy statutory deadlines.
The second phase of the process involved Graham + Sibbald engaging in discussions with the Assessor during which the valuations were negotiated. Following these negotiations offers were made by the Assessor to reduce a number of Rateable Values; after careful consideration of these offers detailed recommendations were made to the client before Graham + Sibbald formerly accepted these on their behalf.
KEY CHALLENGES
Rateable Values are underpinned by open market rental evidence, therefore each of the lease agreements in place at Loch Lomond Shores had to be carefully examined and analysed. Thanks to Graham + Sibbald’s role as Property Manager at Loch Lomond Shores, leases were readily available and analysis was undertaken.
The analysed rental evidence informed our opinion on the Rateable Values at Loch Lomond Shores. A detailed report was written and submitted to the Assessor ahead of negotiations which clearly & logically illustrated the rental evidence, our opinions on the evidence and how this informed our position on the Rateable Values.
RESULTS
Significant reductions in Rateable Value were achieved. The total reduction in Rateable Value was 43% with some individual units seeing their values reduced by up to 77%. Following these reductions a number of units were eligible for improved Small Business Bonus Scheme relief with two units now eligible for 100% relief. Agreements were reached and proposals concluded in advance of the Proposal Determination Date thus avoiding time consuming & potentially expensive referrals to the First Tier Tribunal for Scotland.
WHY G+S
We are experts at Rating Valuation on all types of commercial property and can ensure that your properties’ rateable value is accurate, your rates liability is minimised and that you are paying the correct amount in rates.
Our specialist knowledge of the proposals process and relief options places us in an advantageous position when negotiating with Assessors. Our business rates team are fully supported by the resources within our Agency, Valuation and Building Consultancy Departments, who are all relevant to assist in checking Rateable Values.
Download PDF Here
