Rateable value

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EEBC > Business > Business rates > Rateable value

Rateable value

What are Business Rates?

Non-Domestic Rates, or Business Rates are the way that those who occupy non-domestic property contribute towards the cost of local services. The rates are pooled by central government and redistributed to local authorities according to the number of people living in the area. The money, together with revenue from council taxpayers, revenue support grant provided by the Government and certain other sums, is used to pay for the services we provide.

What is my rateable value?

Apart from properties that are exempt from Business Rates, each non-domestic property has a rateable value, which is 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, available on their website. The rateable value of your property is shown on the front of your bill. This broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1st April 2005, this date was set as 1st April 2003.

Appeals

The valuation officer may alter the value if 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 about making appeals can be found on the VOA website or from your local valuation office: Betchworth House, 57-65 Station Road, Redhill, Surrey RH1 1QB (telephone 01737 754000).