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The rateable value of non-domestic property is fixed in most cases by an independent valuation officer of the Valuation Office Agency.
Information about this year's Business Rates can be found in the Business rates guide and billing information 2018/19 further guidance can also be found in the Explanatory Notes.
The rateable value of non-domestic property is fixed in most cases by an independent valuation officer of the Valuation Office Agency. All non-domestic property is revalued every five years. From 1 April 2017, the rateable value of a property represents its annual open market rental value as at 1 April 2015.
The values of all properties in respect of which rates are payable are shown in the Local Rating List, which can be viewed online at the Valuation Office Agency.
National non-domestic rating multiplier
We work out your bill by multiplying the rateable value of your property by a figure known as the rate multiplier. There are two multipliers; the standard non-domestic rating multiplier and the small business non-domestic rating multiplier. The former is higher in order to pay for the small business rate relief. The multipliers are set each year by the Government.
The current multiplier will be displayed on the on the front of your Non-Domestic Rate Bill.
The multiplier set by the Government for each financial year since 1 April 2010 is shown in the table below:
|Financial Year||National Non Domestic Multiplier||Small Business Rates Scheme Multiplier|