What is a rateable value?

All non-domestic properties - mostly businesses - have a rateable value. This is based on a professional assessment of the annual rent of a property if it was available on the open market at a fixed valuation date, by the Valuation Office Agency (VOA). The current rating list came into effect on 1 April 2017 is based on a valuation date of 1st April 2015. All properties are valued from the same date so that they are assessed on a level basis.

The VOA gathers as much evidence as possible about rents paid for properties to determine rental values. This is not the amount you will pay in business rates, but it is the basis for calculation of your business rates bill. We will calculate your bill by multiplying your rateable value by a factor set by central Government each year. This is known as the "multiplier".  The two multipliers for 2020/2021 are 51.2p (0.512) for the standard multiplier and 49.9p (0.499) for the small business multiplier.

We then apply any rate relief or other adjustments you are due.

For more information, contact our business rates team on 01329 824651 or e-mail us at businessrates@fareham.gov.uk