value is an assessment of the annual rent a property would demand if it was available to let on the open market on a fixed date.
Ratepayers can appeal to reduce their rateable
value of the property to PS1.
As a result of revaluation appeals, the rateable
value of properties for which revaluation appeals have been resolved has reduced from approximately Au4,561m to Au4,341m, a drop of Au219m in rateable
value (which equates to approx Au103m billed in 2014-15).
As business rate bills are calculated by multiplying the rateable
value of a property by the Uniform Business Rate (UBR), expected changes in the UBR should have also been a welcome relief for businesses in the north.
Four or five people living in a home with a low rateable
value are likely to have to pay more.
In addition to the above, a property's rateable
value on which its liability is calculated may be incorrect.
While they are able to compare the proposed 2010 rateable
value with the previous one set in 2005, the Government has yet to finalise its proposed Uniform Business Rate.
Businesses want to know what they get for their money and the Valuation Office needs to be clearer when explaining to business that an increase in rateable
value does not automatically mean an increase in rates payable.
Businesses with a rateable
value between pounds 2,000 and pounds 4,999 will receive a 25 per cent discount.
Under the scheme, which was introduced in April 2005, each business that has premises with low rateable
value can claim relief from their business rates.
Mr Clapham, a director in the rating department of commercial property consultancy Lambert Smith Hampton, says most Rateable
Value Assessments have been increased substantially following the general Rating Revaluation, but many could be inaccurate.
The city's Labour group leader Cllr John Mutton says the reductions will apply to businesses occupying only one premises, with a rateable
value of under pounds 10,000.
You can only appeal the April 1, 2010 rateable
Mid Wales Tourism (MWT), which represents around 600 tourism and hospitality businesses in Powys, Ceredigion and Meirionnydd, is surveying members to get a clearer picture about the impact the new rateable
values are having on the region.
Many SMEs received revaluation notices from the Valuation Office Agency which saw their rateable
values increase - and suggested that their business rates bill would increase in 2010.