Apart from properties which are exempt from business rates, each non-domestic property has a rateable value. The Assessors set the rateable values. In carrying out this function, the Assessors are entirely independent of both local and central government and reach decisions on rateable value in accordance with applicable statute and case law.
The rateable value broadly represents the yearly rent the property could have been let for on the open market on a particular date. For the revaluation that came into effect on 1 April 2000, this date was set at 1 April 1998. For the next revaluation which will come into effect on 1 April 2005 the valuation date will be 1 April 2003.
