How the Rateable Value is calculated
Your premises will be given a rateable value by the Valuation Office Agency (VOA) which we will use to calculate how much you should pay.
For further information about Business Rates, please see the following documents:
- Business Rates Explanatory Notes 2023/24 (.pdf | 5.10mb)
- Business Rates Explanatory Notes 2022/23 (.pdf | 5.25mb)
- Business Rates Explanatory Notes 2021/22 (.pdf | 663kb)
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 at a fixed valuation date.
- Until 31 March 2017, the rateable values have been based on a valuation date of 1 April 2008.
- From 1 April 2017, the rateable values are based on the valuation date of 1 April 2015.
The rateable value is then multiplied by a figure set annually by central government (known as the multiplier) to calculate the rates payable.
There are two multipliers:
- the standard non-domestic rating multiplier
- the small business non-domestic rating multiplier
The former is higher to pay for small business rates relief.
All rateable values are reassessed at a general revaluation to ensure bills paid by any one ratepayer reflect changes over time in the value of their property relative to others. This helps maintain fairness in the rating system by updating valuations in line with changes in the market.
In the year of revaluation the multipliers are adjusted to account for overall changes to total rateable value and to ensure that the revaluation does not raise extra money for government. Similarly, the change in the revaluation date to 2017 has no effect on the total amount of revenue raised from business rates.
If you think that your rateable value is incorrect, find and view your property details.
The VOA is contacting businesses to request rental information to support the next revaluation of business rates in England and Wales – Revaluation 2023.
If you receive a request please complete and submit your up-to-date details. It is important to provide this information to ensure business rates are fair and accurate. You can find more information at gov.uk/voa/revaluation2023.