The proposals, announced yesterday (29 June), are designed to try and make the system 'fairer and more streamlined', with more frequent property revaluations.
Under the plans, revaluations of non-domestic properties would take place every three years instead of the current system of five, to ensure they better reflect current economic conditions.
The consultation was announced as part of the Fundamental Review of Business Rates, which will conclude in the autumn.
"As our economy is recovering, we are supporting businesses to build back better," says Jesse Norman, Financial Secretary to the Treasury.
"Proposals set out in this consultation would mean that valuations more quickly reflect how the economy is performing, making the business rates system more accurate and responsive, while balancing the burden for ratepayers."
Launched in July 2020, the Fundamental Review of Business rates conducted a call for evidence that found more frequent revaluations to be a priority for respondents.
The Government has therefore set out specific proposals through this consultation on how a sustainable system of revaluations every three years might be achieved.
Five-yearly revaluations were introduced in the Local Government Finance Act 1988, and first implemented in 1990.