Businesses across the West Midlands on average will see falls in their rate bills next year as a result of a Government exercise to refresh business rate values every five years.
The region’s total rates bill will fall by three per cent or £55 million as a result of the revaluation after transitional relief.
Key sectors benefiting from overall bill decreases include industry and manufacturing, as well as offices and high street shops and retail outlets.
Businesses will receive their individual rateable value this autumn which will be used to calculate their new bill next April.
The Government was yesterday consulting on a £2 billion relief scheme to limit and phase in increases for other ratepayers and support business in the current economic climate.
Additionally, small businesses can apply for help through their local authority to at most halve their business rate bills through the small business rate relief scheme.
The Government will not collect any extra revenue as a result of the 2010 revaluation.
Regular revaluations ensure that all businesses across the country are paying a fair rate taking into account changes in property values.
The relief scheme is self-financed by businesses by redistributing money collected across the country from business rates.
Local Government Minister Rosie Winterton said: “Overall the effect of revaluation for the majority of business could be a reduction in their rates bills next year, with some of the largest decreases in sectors such as industry and manufacturing.
‘’But while overall the West Midlands will see bills fall, for those with increases we are putting in support to help keep down potential rises and we are today asking business how this scheme should run.
‘’This is on top of wider support available to help ease business pressures including discounted rate bills for small business, deferring tax payments and free business health checks.”