Ratable value is the value of expected income on a rental property. If the property were rented for one year, the ratable value is the amount the landlord collects for the one-year period.
Ratable value is based on the size of the property, its conditions and convenience to a renter. Ratable value is a common term used in England, Wales and Scotland. The ratable values of properties are determined by the Valuation Office Agency (VOA) by using a standard multiplier.
Ratable values are used for things such as calculating water meter bills for people living in the United Kingdom on properties without water meters. They can also be used for sewer bills and other utilities.
Property owners can find out their ratable values on property by contacting the VOA or the Council Business Rates Office. Rateable values are assessed every five years; property owners can appeal values by contacting the local assessor's office.