Rateable Value
Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value, which is normally set by the valuation officers of the Valuation Office Agency (VOA), an Agency of the Inland Revenue. It draws up and maintains a full list of all rateable values, which are available on their website. The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. The 2010 valuations are based on the value on 1st April 2008.
The valuation officer has to maintain the list and may alter the value if he or she believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) can also appeal against the value shown in the list if they believe it is wrong. Further information on the grounds for making an appeal, and on how to make one, can be found by following the link:.