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Definition
The rateable value is the Valuation Office Agency's estimate of a commercial property's open-market annual rent at a set valuation date. It is the figure business rates are calculated from.
In plain terms
It is not what you actually pay in rent — it is an official estimate used purely to work out your rates. Multiply it by the year's rating multiplier, apply any reliefs, and you get the rates bill.
Why it matters for your company
Because it drives one of a business's largest fixed costs, an inflated rateable value costs real money. You can check and challenge it through the Valuation Office if you think it is too high — see business rates explained.
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