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.

Who determines rateable value?

Rateable values are calculated by the Valuation Office Agency (VOA) which is independent from local authorities. The VOA gives government the valuations and property advice needed to support taxation and benefits.

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.