Rateable Value (RV)
The open market rental value of a commercial property as assessed by the Valuation Office Agency, used to calculate business rates.
Rateable value (RV) is the estimated annual open market rental value of a commercial property, as assessed by the Valuation Office Agency (VOA). It is the starting point for calculating your business rates bill. Your RV is multiplied by the applicable multiplier (either the standard rate or the RHL rate) to produce your basic rates charge, before any reliefs are deducted. Getting your rateable value right is essential because even a small overvaluation can cost you hundreds or thousands of pounds every year for the duration of the rating list.
Key Points
- RV is the estimated annual rental value assessed by the VOA
- It determines your base rates charge before reliefs
- Check your RV for free on the VOA website
- Thresholds at 12,000, 15,000, and 51,000 affect relief eligibility
- You can challenge your RV through the Check, Challenge, Appeal process
How the VOA Calculates Rateable Value
For most commercial properties, the VOA uses comparable rental evidence: what similar properties in the area actually rent for. They look at lease transactions around the valuation date (1 April 2024 for the 2026 list) and adjust for differences in size, location, condition, and facilities. For specialist properties like hotels and pubs, the VOA uses the receipts-and-expenditure method, estimating RV from the trading potential of the property. For very large or unique properties, they may use the contractor's basis, which estimates what it would cost to build an equivalent property.
Checking Your Rateable Value
You can check your property rateable value for free on the VOA website (gov.uk/correct-your-business-rates). Search by address or UARN (Unique Address Reference Number) to see your current RV, the property description, and the floor areas the VOA holds on file. Compare your RV against similar properties nearby to see whether yours appears high. If the VOA holds incorrect floor areas or property details, this could be inflating your RV.
Why Rateable Value Matters
Your rateable value determines not just how much you pay, but which multiplier applies and which reliefs you qualify for. Properties with RV under 12,000 may get 100% small business rate relief. Those under 51,000 qualify for the lower RHL multiplier. Crossing these thresholds can mean the difference between paying nothing and paying thousands. Even a small reduction in RV through a successful challenge can produce savings that compound every year until the next revaluation.
Frequently Asked Questions
Where can I find my rateable value?
Search for your property on the VOA website at gov.uk/correct-your-business-rates. You can search by address or postcode. Your rateable value is also shown on your business rates bill from your local authority.
How often does my rateable value change?
Rateable values are updated at each revaluation, which now happens every three years. Outside of revaluations, your RV can change if there are material changes to your property (such as extensions, demolitions, or changes in use) or if you successfully challenge the valuation.
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