Rateable value is the value assigned to non-domestic premises by the Valuation Office Agency. It's based on a property's annual market rent, size and usage. The Valuation Office Agency (VOA) reviews these values every five years and often values properties at different levels.

What are rateable values based on?

The rateable value, or property's value, is based on the open market value from 2015. These are estimates from the Valuation Office Agency.

Is rateable value same as rent?

A property's rateable value represents the rent the property could have been let for on a certain date set in law. ... The rateable value is not the amount you pay, but it is used by local councils to calculate your business rates bill.