What is rateable value?

The rateable value is the estimated annual rental value of a commercial property which is calculated by a valuation officer.

Table of Contents

What is the rateable value of a property based on?

All non-domestic properties – mostly businesses – have a rateable value. This is based on a professional assessment of the annual rent of a property if it was available on the open market at a fixed valuation date, by the Valuation Office Agency (VOA).

How much does 1m3 of water cost UK?

The charge per cubic metre for water is 138.18 pence, so this part of the bill is 60 x 138.18, which equals 8,291p or £82.91. The charge per cubic metre for wastewater is 89.63 pence, so this part of the bill is 60 x 89.63, which equals 5,378p or £53.78.

What is meant by rateable?

1. rateable – liable to payment of locally assessed property taxes; “the ratable value of property”

How do you calculate property rates?

Property rates are calculated on the market value of a property by multiplying it by a cent amount in the rand, which is determined from the annual budget. For example: In the case where the market value of a property is R800 000 and the cent amount in the Rand is R0.

How do you calculate water usage?

Meters record how much water has been used. Deducting the current meter reading from the previous reading will tell you how many units of water you have used since your last meter reading. To determine your dollar amount of water consumption, multiply the units used by your current water rate.

What is the rateable value of water?

Rateable values are used by water companies to work out how much to charge people without a water meter. They were used for everyone’s bills until 1990. The values were assessed and changed by the Valuation Office of the Inland Revenue and were loosely based on the annual rental value of the property. What’s rateable value based on?

How is rateable value charging calculated?

The important thing to remember is that rateable value charging is not related to the actual amount of water you use. The calculation is simply the rateable value multiplied by a charge for each service (water and/or wastewater). Single occupier discount given for council tax doesn’t apply to water charges.

How do I find the rateable value of my home?

If you want to find the rateable value of your home, you need to get in touch with the Valuation Office Agency quoting the Council Ta Reference, local authority reference number and property address. The other way to find your rateable value is using water rates bill because some people use their rateable rate to determine water and sewage charges.