The rateable value of non-domestic property is fixed in most cases by an independent valuation officer of the Valuation Office Agency.
The rateable value is then multiplied with the national multiplier to obtain the annual charge.
Revaluation - 2010
To maintain fairness in the rating system, the Valuation Office Agency carries out a revaluation of all rateable values in Wales and England every five years. The revaluation came into effect on 1 April 2010 and all properties will have their rateable value assessed on the valuation date of 1 April 2008.
The revaluation was not designed to raise extra revenue from non-domestic rates - it is used to ensure that non-domestic rates liabilities are redistributed in line with changes in the property market. The new rateable values will all be based on market rental values at 1 April 2008, and will remain effective for five years.
You will be able to obtain more information from the Valuation Office Agency website: www.voa.gov.uk/2010
The values of all property in respect of which rates are payable to your authority are shown in the local rating list, a copy of which may be inspected at either:
- the Valuation Office, Tŷ Glyder, r/o 339 High Street, Bangor, LL57 1EP (Phone 03000 505505); or
- Gwynedd Council Offices, Penrallt, Caernarfon.
Alteration of Rateable Value
The rateable value may alter if the valuation officer believes that the circumstances of the property have changed. The ratepayer (and certain others who have an interest in the property) may also in certain circumstances propose a change in value.
If the ratepayer and the Valuation Officer do not agree the valuation within 3 months of the proposal being made, the matter will be referred as an appeal to a Valuation Tribunal. Further information about how to propose a change in rateable value is available on the valuation offices' website: www.voa.gov.uk