How are business rates calculated
The basic rates bill is made up by multiplying the rateable value by the rating multiplier or rate in the pound, both of which are shown on the bill.
All commercial premises are assessed by the Valuation Office Agency who determine the Rateable Value; this represents its annual open market rental value.
Non domestic property is revalued every five years and the last revaluation came into force on the 1st of April 2017. All properties are currently valued as at 1st April 2015, this is so that all properties are valued using the same criteria. For composite properties which are partly domestic and partly non domestic the rateable value relates to the non domestic part only.
The values of most properties in respect of which rates are payable to your authority are shown in the local rating list, which is available on the valuation Office Agency website.
NNDR Rating Multiplier
Each year the Welsh Government sets a rate by which the rateable value is multiplied to give the annual rate bill for a property. The multiplier is the same for all authorities in Wales and, except in a revaluation year, cannot rise by more than the rate of the increase in the retail prices index. For 2018/19 the multiplier is £0.514.
The final rates bill may be subject to a number of alterations according to the circumstances or location of the business.
Page updated on: 19/03/2018
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