the Government's Valuation Office and can have similarities to the rental value of the property.
All Land and Buildings are revalued every 5 years and the current assessment is effective from 1 April 2000.
The Local Authority use the Rateable Value to calculate the level of business rates to charge to the property occupier, by adopting a multiplier known as the Uniform Business Rate. An appeal against a Rateable Value can be lodged by a person having an interest in the property.
If successful, and the Rateable Value is reduced, then the local authority will reimburse overpaid rates, backdated to the date of the Appeal.
There are various grounds for lodging an Appeal. Also a number of reliefs from a rating liability are available; for example in the circumstances of temporary non-occupation of a property, charitable status of the occupier, and the effect of major works of construction adjacent or nearby to a property.