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Transitional
Phasing
As a result of the revaluation some rate bills will either increase or decrease. The government has limited both the increases and decreases by 'phasing' in the changes. Regulations have now been published and the new figures for 2002/2003 apply:
Maximum increases in real terms:
| Year | Small property | Large property |
| 2000/01 |
5%
|
12.5%
|
| 2001/02 |
7.5%
|
15%
|
| 2002/03 |
7.5%
|
17.5%
|
| 2003/04 |
7.5%
|
17.5%
|
| 2004/05 |
7.5%
|
17.5%
|
Maximum decreases in real terms:
| Year | Small property | Large property |
| 2000/01 |
5%
|
2.5%
|
| 2001/02 |
5%
|
2.5%
|
| 2002/03 |
10%
|
5%
|
| 2003/04 |
12.5%
|
7.5%
|
| 2004/05 |
25%
|
15%
|
The percentages have to be adjusted for inflation however, thus the increase or decrease will be less than the stated figures.The factor for inflation will be 1.7
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