The Valuation Office Agency assesses each non-domestic property and gives them a rateable value. This assessment takes place every five years, the current revaluation being effective from 1 April 2017.
What is the rate based on?
The rateable value is based upon a property's annual open market rental value as at a specified date; for the current list this was 1 April 2015. The rateable value forms the basis on which your business rates bill is calculated. Your bill shows the rateable value which applies to your property.
The rateable value of a non-domestic property is taken to be an amount equal to the rent at which it is estimated the property might reasonably be expected to let from year to year if the tenant undertook to pay all tenant's rates and taxes and to bear the cost of the repairs and insurance and other expenses (if any) necessary to maintain the property in a state to command that rent.
The Local Rating List
The Local Rating List shows the rateable value of each property in South Oxfordshire and is available for inspection at the Council Offices and the Valuation Office Agency Offices in Oxford. The has the 2005, 2010 and 2017 rating lists available on its website.
How to query your rateable value
If you consider the rateable value of your non-domestic property is too high, you can appeal to:
Tel: 03000 501 501
Fax: (01865) 441299
Last reviewed: 07 - 04 - 2017