rateable

Rateable is an adjective meaning capable of being rated or assessed. In property and taxation contexts, it often refers to the value assigned to a property for local rates. The noun form rateable value denotes the assessed value used to calculate business rates in some jurisdictions, most notably the United Kingdom.

In the UK, the Valuation Office Agency (VOA) determines rateable values for non-domestic properties. Once set, the amount payable in business rates is calculated by applying a tax multiplier (the rate in the pound) to the property's rateable value. The resulting figure may be reduced by reliefs and exemptions, such as small business relief, charitable relief, or discretionary reliefs granted by local authorities. Rateable values are updated at periodic revaluations to reflect market changes; in England and Wales these occur on a five-year cycle. The valuation typically bases the rateable value on the property's estimated rent if vacant and available to let, with adjustments for location, size, and other factors. It is not the same as a current market rent but rather an assessed figure used for tax purposes.

Outside the UK, the term rateable value appears in other property tax or rating systems that assess properties for local or state levies. In general usage, rateable simply describes something that can be rated or evaluated; in legal or fiscal texts it commonly refers to the property valuation used to compute rates.