Each property that is liable for non-domestic rates (also known as business rates) is given a rateable value. The rateable values are set by the Inland Revenues Valuation Office and are not controlled in any way by the Council.
The rateable value (or RV) is based on the yearly rental value of the property, subject to certain assumptions such as the state of repair and the responsibility of the tenant to carry out repairs. A revaluation is carried out every five years and new values are given to all properties. The last revaluation took effect from the 1st of April 2005.
To allow time for the revaluation to be carried out the actual values are set based on rental values at an 'antecedent date'. For the last revaluation this was 1st April 2003.
The Valuation Office's website (External link) has a searchable database of all rateable values and more detailed information about rateable values.
The rateable value is multiplied by the rate in the pound to arrive at the rates payable for the property.
