Business Rates: What is 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). It draws up and maintains a full list of all rateable values. The rateable value of a property is usually its rental value on open market as at 1 April 2008.
To calculate gross Business rates liability , multiply the rateable value for the business with the Rating Multiplier set by the Welsh government. The multiplier is the number of pence per pound of rateable value that will have to be paid in business rates, before any relief or discounts are deducted. Multipliers are reviewed every year in line with inflation.
The Valuation Office Web Site has information about the valuation of a business property. It also has a search facility so you can check the existing rateable value for your property.
For composite properties which are partly domestic and partly non-domestic, the rateable value relates to the non-domestic part only. The rateable values of all commercial properties within Powys are shown in the local rating list.