(Bloomberg) -- Banks based in Canary Wharf are set for a big drop in their property tax bills -- but those in the City of London won’t be so lucky. 

Buildings in the east London financial district occupied by HSBC Holdings Plc, JPMorgan Chase & Co. and Credit Suisse Group AG will see their rateable values fall by 7%, leading to lower business rates (a commercial property tax in the UK.) A building in Canary Wharf that’s rented by Morgan Stanley is due for a 13% drop.

By contrast UBS Group AG’s headquarters in the Square Mile is set for a 37% hike, while the bill for Goldman Sachs Group Inc.’s new office is due to rise 21%.

The changes are based on an analysis of the rateable values of the biggest buildings in the City of London and Canary Wharf by broker Colliers International Group Inc. after the government published new draft numbers following its fiscal statement last week. 

Expected changes in those values, which dictate companies’ business rates bills, are a reflection of the Valuation Office Agency’s estimates of open market rents in the area as of April last year. The draft list updates values that were last appraised in 2015 and have been in effect since April 2017.

Canary Wharf has been hit hard in the six years since the latest appraisal, as Brexit and the pandemic have weighed on demand for the older glass and steel office towers that form its skyline. By contrast rents for the best new buildings in the City have grown as companies seek space that can help lure back workers. 

Still, older City properties also recorded modest declines with the Bank of America Merrill Lynch Financial Centre seeing a 2% fall, Colliers’ data show.

Rates in London’s King’s Cross district, which has seen rents soar thanks to a major new development that’s lured tech giants Google and Facebook, are also set to rise sharply. Buildings rented by Google parent Alphabet Inc., Facebook owner Meta Platforms Inc., Universal Music Group NV and Sony Group Corp. are set for 15% hikes.

(Updates with data on King’s Cross buildings in final paragraph.)

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