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Non-domestic Rating

Definition of Rateable Value


The Assessor is directed by the Lands Valuation Acts to compile and maintain a valuation roll.

The rateable value is determined by the Assessor, who is independent of both local and central government and is the estimate of the annual rent which the property would command on the open market. The purpose of a Revaluation is to update rateable values to reflect changes in the rental market on a regular basis. Revaluations allow for a closer link between current property values and the amount of rates paid by individual ratepayers.

The rateable value set in a year of Revaluation will remain effective until the next Revaluation but will be altered in the case of a successful proposal or appeal, or if there is a material change of circumstances affecting the value of the property.