This is a natural occurring process when dealing with the market and happens every five or so years; the most recent revaluation which affected England and Wales was on 1st April 2017, and was based on the ratable values from 1st April 2015.
What happens at revaluation? All properties are given a new ratable value, which nullifies their previous values; the market multiplayers are also revised, meaning that even though there is a change in the ratable value, it doesn’t necessarily mean there will be a change in your bill.
There are also discounts from your local council if you are eligible for the Business Rates Relief. This includes a transitional relief meaning, changes to your bill because of revaluation are gradually phased in.
Small business relief allows you to not pay business rates if your ratable value is below £15,000.According to the government, the purpose of revaluation is making business rates fairer, making it certain that the business rates reflect the property market.