Business rates are an annual tax on non-residential property. The amount of business rates is determined by its rate-able value, which is estimated at the open market rental value of the property at a set date. In 2017 Autumn Budget, the Government announced that it would increase the frequency of the revaluation cycle to every three years. In the Spring Statement, it was announced that the next revaluation rate will be brought forward by one year to 2021, 4 years after the last revaluation, so that ratepayers can benefit from three-year revaluations earlier. The revaluation will be based on market rental values of properties at 1 April 2019.