Rateable Value

All non domestic properties have a rateable value which is set by the Valuation Officers from the Valuation Office Agency (VOA). The agency is an agency of the Inland Revenue and maintains a full list of all rateable values. The full list is available at www.voa.gov.uk.

All non domestic properties are re-valued every five years, the last time being 2005. The rating list of 2005 which came into effect on 1st April 2005 was based on a valuation date of 1st April 2003. (all properties are valued from the same date to ensure that they are assessed on a level basis).

The rateable value of your property is not the amount you pay in rates but it is the basis for the calculation of your business rates bill. The local authority works out the bill by multiplying the rateable value by  multiplier and any rate relief or other adjustment to which you are entitled will then be applied. The multiplier is set by the government every financial year.

There are two multipliers from 1st April 2005

(a) the standard non domestic rating multiplier

(b) the small business non domestic rating multiplier