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 usually 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 2017, the rateable value of a property represents its annual open market rental value as at 1 April 2015. The next revaluation is expected to take place in 2021.
A new business rates appeal process came into effect in England and Wales on 1 April 2017 known as Check, Challenge, Appeal. The Valuation Office Agency (VOA) deals with checks and challenges, while the independent Valuation Tribunal for England handles appeals.
Check and Challenge
You can review your rateable value on the GOV.UK website, and if you have reason to believe that your 2017 rateable value is not correct, details on how to check and challenge can be found on their website.
- Check – review and confirm the facts about your property held by the VOA
- Challenge – once the facts are established, explain why you believe your valuation is wrong
An appeal on your 2017 rateable value is not possible, and may not be necessary, until you have completed Check and Challenge (external link).
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
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.