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 2003/2004 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