Rateable Value

The Rateable Value of your property will be shown on the front of your rates bill.

Apart from certain properties that are exempt from Business Rates, each non-domestic property is assessed and given a Rateable Value by the Valuation Office Agency of H.M. Revenue & Customs. The Rateable Value broadly represents the yearly rent that the property could have been let for, on the open market, on a particular 'valuation' date. For the revaluation that came into effect on 1st April 2005, this valuation date was set as 1st April 2003. The next revaluation is due to come into effect on 1st April 2010, the valuation date having been set as 1st April 2008.

The Rateable Value is not the amount you pay but it is used to calculate the basic annual rate charge (before any entitlement to reliefs/reductions or other adjustments are applied) by multiplying it by a 'Rate' (an amount per £ of Rateable Value) called the Multiplier. (See section entitled 'The Multiplier').

The Valuation Office Agency compiles a list of all these Rateable Values, called the Rating List, and is responsible for maintaining that list.

The local Valuation Office covering this Council's area is:

Leicester Valuation Office
Enkalon House
92 Regent Road
Leicester
LE1 7DD

Telephone: (0116) 280 0200

The Valuation Officer may alter the Rateable Value if it is believed that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the Rateable Value shown in the list if they believe it is wrong.

The Valuation Office Agency has its own website, where you will find information on

• How property is valued
• How to search the Rating List on-line to find the Rateable Value of your property (and others)
• What to do if you think your Rateable Value is wrong and much more.

Visit the Valuation Office Agency website at www.voa.gov.uk

For help and advice on all aspects of business rates please contact the Revenues Team.