Business Rates
What is a Ratebale Value?
All non-domestic properties - mostly businesses - have a rateable value. This figure is based on the professional assessment of the annual rent of a property if it was available on the open market at a fixed valuation date. The rating lists that came into effect on 1 April 2005 are based on a valuation date of 1st April 2003 - all properties are valued from the same date to ensure that they are assessed on a level basis. The VOA gathers as much evidence as possible about actual rents paid for properties in order to determine appropriate rental values.
The rateable value of your property is not the amount you will pay in business rates, but is the basis for the calculation of your business rates bill. Fareham Borough Council will calculate your bill by multiplying your rateable value by a factor set by central government each year. This is know as the multiplier, or Uniform Business Rate (UBR). Any rate relief or other adjustment to which you are entitled will then be applied.
For further information, please contact the Business Rates office on Tel: 01329 824673 or e-mail businessrates@fareham.gov.uk
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