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Your neighbours were mis-informed. A property can only be revalued for Council Tax if a sale takes place, you're safe all the time you own it but when you sell up the new owners might get a unwelcome surprise.

Good luck. I hope West Sussex CC are better than Kent CC, I looked at doing the same last year, put off by an application fee of £350. I could have chosen any contractor I wanted but they had to meet certain criteria which ultimately meant it wasn't going to be a cheap or even moderately priced...