What is a rateable value and 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 (external link) fixes the rateable value of non-domestic property.
From 1 April 2010, the rateable value of a property represents its annual open market rental value as at 1 April 2008.
How can I check the rateable value of my property?
Valuation Office Agency local contact
Valuation Officer, Non Domestic Rates South East, Valuation Office Agency, St Annes House, 2 St Annes Road, Eastbourne, East Sussex, BN21 3LG
Phone: 03000 501501
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 (external link)
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 (external link).
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.