The rateable value of your property will be shown on the front of your rates demand notice. If you don't know the rateable value of your property, you can use the rateable value search.
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.
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 2017, this valuation date was set as 1st April 2015.
The next Revaluation is due to take effect on 1st April 2021.
The rateable value is not the amount you pay. 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.
The Valuation Office Agency compiles a list of all these rateable values, called the Rating List, and is responsible for maintaining that list.
If you have any queries about your rateable value please contact the Valuation Office on 03000 501501.
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 website has 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
You can click, find and review your rateable value on the VOA’s website. If you have reason to believe that your 2017 Rateable Value is not correct, follow the instructions provided on the site. You will need to do the following (not available until after 1 April 2017):
- 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 the CHECK and CHALLENGE stages.
For help and advice on all aspects of business rates please contact the Business Rates Team.
Last updated: Tue 5 May, 2020 @ 12:35