What rateable value represents
Rateable value (RV) is a single figure for each commercial property: the HMRC Valuation Office’s estimate of what the property could have been let for, per year, on the open market at the valuation date.
It is a standardised figure used solely to calculate business rates. It is not what you pay in rent, and it is not what the property is worth.
For the 2026 rating list, the valuation date is 1 April 2024. So although the list took effect on 1 April 2026, your rateable value reflects rental market conditions in April 2024, not today.
For most property types, rateable value is based on rental evidence rather than on how well your business is trading. The exception is certain specialist properties, such as some hotels and leisure facilities, where trading income is part of the valuation approach.
Rateable values apply to commercial and non-domestic properties. Homes and flats have no rateable value and pay council tax instead.
Your rateable value sets your bill: rateable value × multiplier = annual business rates, before reliefs. For the multipliers and worked examples, see how business rates are calculated from your rateable value.
Who sets rateable value
Rateable values are set by the HMRC Valuation Office, which was the Valuation Office Agency until it was absorbed into HMRC on 1 April 2026. It uses rental evidence from comparable properties, lease data and property details such as size, location and use, then publishes each value in the rating list.
Values are reset at each national revaluation, currently every three years. The latest took effect on 1 April 2026; the next is due in 2029. Between revaluations, a rateable value changes only after a successful challenge or a Material Change of Circumstances.
Rateable value vs rent vs market value
- Rateable value - the HMRC Valuation Office’s estimate of annual open-market rent at the valuation date. Used only to calculate business rates.
- Rent - what you actually pay under your lease. It often differs from your rateable value, particularly if the lease was agreed before or after the valuation date or includes incentives.
- Market value - what the property would sell for. Rateable value is an annual rent figure, not a sale price.
Where rateable value applies
The 2026 revaluation updated rateable values across England and Wales, using the same HMRC Valuation Office process. However, multipliers, reliefs and thresholds are set separately by each government — the figures on this site apply to England.
How to find your rateable value
- Your business rates bill - printed on every bill issued by your local council.
- The HMRC Valuation Office’s Find a Business Rates Valuation service on GOV.UK - search by postcode or address.
- Our free rateable value checker, which also indicates whether your assessment may be higher than comparable properties in your area.
What if your rateable value looks too high?
Because rateable value is fixed to April 2024 rental evidence, it can drift out of line: if rents in your area have fallen, or a comparable property nearby has a lower assessment, yours may be worth reviewing. The formal route is the HMRC Valuation Office’s Check, Challenge, Appeal process, and the 2026 rating list is open to challenge now. See how to challenge your rateable value.