The Government had announced that a revaluation of Council Tax would take place every 10 years, starting in 2005.
This first revaluation was to be effective from the 1 April 2007. However the revaluation has been postponed.
A broad outline of how a revaluation will be carried out (once a new revaluation date is set) is given below.
How will dwellings be valued in a Revaluation?
Each dwelling will be placed on a valuation list in one of eight (possibly more) valuation bands, ranging from A to H (possibly more). The list will show only the band to which your home has been allocated, not its actual value.
Valuations will be carried out by the listing officer at the Valuation Office Agency (part of the Inland Revenue), not by your local council.
The basis of valuation is the "capital value" of each dwelling. Valuation lists can only be compiled fairly by assessing the values of dwellings on one common date. This is currently the 1 April 1991 (for the 1993 list) and was going to be the 1 April 2005 (for the 2007 list - now postponed).
When a new revaluation is announced the capital values are likely to be arrived at by estimating the amount each dwelling might have been sold for on the open market, subject to certain assumptions, if it is sold on the common date. The object is to determine the relative values of properties within a particular area as at a particular date.
The range of values, based on prices, which each band covers, for England, are likely to change from the existing bands A to H. There is also a strong possibility that more bands will be introduced.
As soon as the amounts for each band are known it will be made available here.
No new date for revaluation has been announced - Further information will be given when known.