The current rateable value of a non-domestic property is based on its annual open market rent on 1 April 2008. The next revaluations will be in 2017 in England, Scotland and Wales.
Rateable values are determined by the Valuation Office, which is part of the Inland Revenue, and not by the Council.
All non-domestic properties in a local authority’s area and their rateable values are shown in a local Rating List. Revaluations of all non-domestic properties are carried out every five years, and a new local Rating List drawn up. Copies of the 1990, 1995, 2000, 2005, and 2010 Lists are held at the following locations and anyone can ask to look at them.
You can also look at the Rating Lists on-line at the Valuation Office Agency where you will also be able to see the summary valuation for all properties. You can check your rateable value and compare it with others on the website, and you can also get in touch with them direct if you need to let them know of any issues.
The Valuation Officer may alter a property’s rateable value if they believe that there has been a change in circumstances (for example, an extension to a property or a single unit which is converted into two or more units).
They may also alter the Rating List to include any new properties which are built. The occupier of the property and the local authority are told about any changes and the local authority then issues a rates bill to the ratepayer.
For details of how to appeal against your rateable value, see Appealing your Valuation.