Rateable Values
The Rateable Value is the basis for the rate charge; each affected property being assessed by the Valuation Office, an agency of the Inland Revenue and a rateable value is entered within the local rating list.
There are a number of ways that the rateable value can be assessed; however, the majority of assessments are based upon the rental value of a property, subject to certain assumptions. In broad terms the rateable value is a professional view of the annual rent for a property if it was available on the open market
All properties are revalued every five years; we are currently raising charges on the 2005-rating list, with the next revaluation due in 2010. The rental evidence is gathered from the ‘antecedent date’, which for the current 2005 list was 1 April 2003. This allows time for the information to be gathered and compiled before the rating list comes into effect.
This information is only a brief overview, however, for more detailed information, see the Valuation Office web site.
This page was last updated on 25 January 2008
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