Rateable value
All business property has a rateable value unless it is specifically exempt from rates. The rateable value of non-domestic property is fixed in most cases by an independent valuation officer of the Valuation Office Agency (not Ealing Council). All non-domestic properties are revalued every five years. From 1 April 2005, the rateable value of a property represents the annual open market rental values of 1 April 2003.
How to find out the rateable value of a property
The values of all property are shown in the local rating list, a copy of which may inspected at the following offices:
District Valuer and Valuation Officer, 1st Floor Lyon House, Lyon Road, Harrow, HA1 2YG.
Tel: (020) 8276 2800.
Website: www.voa.gov.uk
and
Revenues Section, The London Borough of Ealing, Town Hall Annexe, New Broadway, W5 2BY.
Tel: (020) 8825 7020.
The valuation officer may alter the value if he believes that the circumstances of the property have changed. In certain circumstances the ratepayer (and certain others who have an interest in the property) may also propose a change in value. If the ratepayer and the valuation officer do not agree, the matter will be referred to an appeal by a valuation tribunal. The effect of successful proposals or appeals made in the subsequent financial year will be backdated to no earlier than the start of that year. Information about the circumstances in which a change in rateable value may be proposed, and how such a proposal may be made, is available from the valuation office shown above.
How the rateable value affects your rates bill
To work out your bill, the local authority starts by multiplying your rateable value by a factor known as the 'multiplier'. The multiplier is fixed each year by the government. Between re-evaluations the multiplier cannot increase by more than the annual rate of inflation for each financial year (as at the previous September). For 2008/2009, the multiplier was set at 46.2p. If, for example, your rateable value is £10,000, the calculation for this year is £10,000 x 0.462p = £4620 - this is the amount you would have to pay. There may be further calculations to go through because of transitional arrangements or relief, or both.
Listed below is a table of multipliers for previous financial years and the current financial year for England.
| Financial year | Multiplier |
| 1990/91 | 0.348 |
| 1991/92 | 0.386 |
| 1992/93 | 0.402 |
| 1993/94 |
0.416 |
|
1994/95 |
0.423 |
|
1995/96 |
0.432 |
|
1996/97 |
0.449 |
|
1997/98 |
0.458 |
|
1998/99 |
0.474 |
|
1999/00 |
0.489 |
|
2000/01 |
0.416 |
|
2001/02 |
0.43 |
|
2002/03 |
0.437 |
|
2003/04 |
0.444 |
| 2004/05 | 0.456 |
| 2005/06 | 0.422 |
| 2006/07 | 0.433 |
| 2007/08 | 0.444 |
| 2008/09 | 0.462 |
Small business multiplier
Small business ratepayers have a lower muliplier. For 2008/9 this is 45.8p. For more information on rates relief for small businesses please see reductions.