All non-domestic properties – mostly businesses – have a rateable value. This figure is based on a professional assessment of the annual rent of a property if it was available to let on the open market at a fixed valuation date.
Rating list dates
The rating lists that came into effect on 1 April 2010 are based on a valuation date of 1 April 2008 - all properties are valued from the same date to ensure that they are assessed on a level basis. The VOA - Valuation Office Agency - gathers as much evidence as possible about actual rents paid for properties in order to determine appropriate rental values. The next rating list will come into effect on 1 April 2015 and will be based on a valuation date of 1 April 2013.
How we calculate rateable value
The rateable value of your property is not the amount you pay in business rates, but it is the basis for the calculation of your business rates bill. We will calculate this bill by multiplying your rateable value by the appropriate non-domestic rating multiplier which is set by central government each year. This is known as the multiplier. Any rate relief or other adjustment to which you are entitled will then be applied by the local authority.
More details
If you would like further details on calculating your rates bill go to the Business Link website.
