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 HM Revenue and Customs.

The VOA maintains a full list of all rateable values, which can be viewed on their website at www.voa.gov.uk.  These values are reviewed every five years.

The rateable value of your property 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.

The valuation officer may alter the rateable 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 by contacting your local valuation office at:

Valuation Office Agency
Block 5 Government Buildings
Chalfont Drive
Nottingham.
NG8 3RT

Telephone:   0115 980 0900

Successful appeals against values shown in the rating list that came into force on 1st April 2005 will normally be backdated to that date, although there are exceptions to this. Further information about these arrangements may be found on the VOA website

Note: Making an appeal does not confer any rights to withhold payment. If your appeal is successful you will be entitled to a refund of any overpaid rates.

Contacts

Royal Institute of Chartered Surveyors
Surveyors Court
Westward Way
Coventry                    CV4 8JE            
Telephone:   020-7222-7000            www.rics.org.uk

Institute of Revenues Rating & Valuation
41 Doughty Street
London                    WC1N 2LF
Telephone:   020-7831-2048            www.irrv.org.uk