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What (who) is rateable value - definition
TYPE OF PROPERTY TAX
Local government rates; Rate (tax); Ratepayer; Rateable value; Rates (taxation); County rate; County rates; Ratepayers
rateable value
¦ noun (in the UK) a value ascribed to a commercial property based on its size, location, etc., used to determine the rates payable by its owner.
rateable value
(rateable values)
In Britain, the rateable value of a building was a value based on its size and facilities, which was used in calculating local taxes called rates.
N-COUNT
ratepayer
(ratepayers)
1.
In Britain, a ratepayer was a person who owned or rented property and therefore had to pay local taxes called rates. The citizens of a district are sometimes still called the ratepayers when their interests and the use of local taxes are being considered.
N-COUNT
2.
In the United States, a ratepayer is a person whose property is served by an electricity, water, or telephone company, and who pays for these services.
N-COUNT
Wikipedia
Rates (tax)
Rates are a type of property tax system in the United Kingdom, and in places with systems deriving from the British one, the proceeds of which are used to fund local government. Some other countries have taxes with a more or less comparable role, like France's taxe d'habitation.
Examples of use of rateable value
1. Business rates are set at 44 per cent of the rateable value of the property, so if a pub‘s rateable value is increased by 1,000 either because it attracts extra custom with regular quiz nights or because it has a ‘friendly‘ atmosphere, the bill would increase by 440 a year.
2. By contrast five of the eight cinemas and six of the 11 theatres in the borough are in the top two rateable value bands.
3. After the bombings in Manchester in 1''6, the government petitioned the Valuation Office to reduce the rateable value of retail properties in the damaged Arndale Centre, which then paid lower business rates.
4. The government announced yesterday that more than 250 councils had seen a significant increase in rateable value and would be rewarded by having some of their area‘s business rate revenue returned to them.
5. To date the introduction of water meters has been sold to consumers on the promise that they can save money compared to the traditional payment system linked to a property‘s rateable value.