The Valuation Office has a legal duty to review all rateable values for non-domestic rates every five years. Our valuation officers assess the rateable values of all non-domestic properties in England and Wales and compile these in to a rating list. We then have a duty to maintain the lists until the next revaluation. The latest lists came into force on 1 April 2000.
Rateable values are a key factor in the calculation of business rates.
They are not the rates bill. In broad terms the rateable value is a professional view of the annual rent for a property if it was available on the open market. To make the process fair we work out what the rateable value should be for all properties on the same fixed valuation date. The valuation date for the 2000 revaluation is 1 April 1998. The new rateable values came in to effect on 1 April 2000.