The supermarket said the tax break was hugely important to it at the time - and that Covid-19 has cost it far more than that - but that it's now in a position to hand money back.
Tesco chairman John Allan said: "We are financially strong enough to be able to return this to the public, and we are conscious of our responsibilities to society.
"We firmly believe now that this is the right thing to do, and we hope this will enable additional support to those businesses and communities who need it."
In its latest results, Tesco said coronavirus would cost it £725million this year.
Tesco described the rates relief as a "game changer" at the time, adding it was "immensely grateful for the financial and policy support".
"These funds meant that we had the immediate confidence, in the face of significant uncertainty, to invest in colleagues, and support our customers and suppliers," the supermarket said in a statement.
"Every penny of the rates relief we have received has been spent on our response to the pandemic."
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