Ashfield District Council: What is a Rateable Value?

What is a Rateable Value?

Since 1st April 1990, when the current Non-Domestic Rating system was introduced, every business premises should be allocated a rateable value unless it is of a type which is exempt from rating (see " Who has to pay Business Rates? ").

Following the latest revaluation, effective from 1st April 2005, the rateable value is a broad representation of the annual rent the property could have been let for on the open market as at 1st April 2003.

Rateable values are revalued every five years with the next revaluation due to take effect on 1st April 2010. Responsibility for assessing rateable values rests with the Valuation Office Agency , which is a branch of the Inland Revenue. Their district office is located at Block 5 Government Buildings, Chalfont Drive, Nottingham, NG8 3RT; Tel: 0115 9800900.

If you believe that the rateable value for your premises is incorrect you should enter a proposal to alter it, also known as making an appeal.

If you decide to appeal, this should be done as quickly as possible as there are limits on how far back any change in value can go. NB New legislation limits the number of appeals to one property unless a change in circumstances takes place.

Please note, whilst ever an appeal is outstanding payment should be made in accordance with your current demand, otherwise recovery action will be taken.

If your appeal is successful and the amount you have to pay is altered, a revised demand will be issued. Any overpayments will be refunded, including interest if applicable.

Find out more about making an appeal (Valuation Office Agency external website)