Glossary
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| Rateable value | The value assigned to a non-domestic property. It is based on a professional assessment of the annual rent of a property if it was available to let on the open market on a fixed valuation date. |
| Rates | Business rates are paid by most occupiers of business property and is a contribution to the cost of local services. Your rates bill will come from your local authority each year, sometime between February and April. It details the amount you will need to pay and how the local authority has reached that amount. |
| Rating surveyor | Qualified professional who is able to act as an agent and handle aspects of business rates on behalf of the ratepayer. It is advisable that ratepayers only work with a surveyor who is a member of one of the recognised professional bodies - Royal Institution of Chartered Surveyors (RICS), Institute of Revenues, Rating and Valuation (IRRV) or the Rating Surveyors Association (RSA). Sometimes referred to as a rating agent. |
| Rent | An agreed charge for the use of a capital asset, typically property (see Lease). |
| Rent Review | Leases generally contain clauses providing for a periodical review of the rent, say at five yearly intervals. The lease will generally specify what the basis of the review is to be: eg the open market rent prevailing at the time of the review, or, as is frequently the case, upwards only (see upward only rent reviews). |
| Rental value | The rent that a property might reasonably be expected to command in the open market at a given time, subject to the terms of the lease. |
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