Rateable Values
What is a rateable value & how is it calculated?
Non-Domestic property has a rateable value (RV) which is based on the market rent it would be expected to command.
A revaluation is carried out every five years so that values in the rating list can be kept up to date. An independent valuation officer of the Valuation Office Agency fixes the rateable value of non-domestic property.
From 1 April 2005, the rateable value of a property represents its annual open market rental value as at 1 April 2003.
How can I check the rateable value of my property?
Visit the Valuation Office website
Local rating list - values of all rated properties
View the local rating list at:
The Office of the Valuation Officer
Union House
Eridge Road
Tunbridge Wells
TN4 8HF
Phone: 0845 602 1507
or
St Annes House
St Annes Road
Eastbourne
Phone: 01323 530000
or
Wealden District Council's Hailsham offices during normal working hours.
Changes in property value
The Valuation Officer may alter the value of a property if the circumstances of the property have changed.
The ratepayer and certain others who have an interest in the property may also propose a change in the value. Details on how to propose a change in value are available from the Valuation Office.
In any case, if the ratepayer and the Valuation Officer do not agree, the matter will be referred as an appeal to an independent valuation tribunal.
National Non Domestic Rating Multiplier
This is the rate in the pound by which the rateable value is multiplied to give the annual rate bill for the property. It is set each year by the Government and cannot rise by more than the increase in the retail prices index.