Valuation

General Information
All non domestic rated properties are liable to pay business rates. The Valuation Office (VO) has a legal responsibility for setting and reviewing rateable values (RVs). We calculate your bill by multiplying your RV by the appropriate rate poundage.

Revaluation 2010
Every five years, the Valuation Office Agency (VOA) has a legal responsibility to carry out a revaluation of all non-domestic property and adjusts RVs so that they reflect the rental market at the valuation date. The valuation date for the current 2010 Valuation List is 1 April 2008. If you want to appeal against your rateable value, you will find more information on the Valuation Office website or the Exeter Valuation Office web site

Rateable Values
Rateable values, or RVs as they are generally known, are a key factor in the calculation of business rates but they are not the rates bill. The RV broadly represents the annual rent a property could have been let for on the open market on a particular date, on full repairing and insuring terms. To make the process fair, the same fixed valuation date is used for all properties. For the 2010 rating list, this date was set as 1 April 2008.

The Rates Bill
We calculate your rates bill by multiplying the RV of your property by the standard rate poundage (known as the 'multiplier'), which is set each financial year by the Government. The standard multiplier for 2011/12 is 43.3p and the small business rate multiplier is 42.6p

Transitional Phasing
The Transitional Relief scheme limits and phases in changes in rate bills which result from revaluation.

Making an Appeal
You can make an appeal against your rateable value within certain time limits. This is known as making a proposal to alter the rating list. You can get a proposal form and more information from the Exeter Valuation Office .

Page last updated on 21 November 2011