How Is My Bill Calculated?
To work out how the bill is calculated you need to know that there are 2 elements to calculating the charge which are:
The Rateable Value of the premises x Multiplier = Rates payable
The Rateable Value
The rateable value of the property is a value based on the annual rent which would be paid on the property if it were rented. The Valuation Office Agency this rateable value and keep a Valuation List of all the rating assessments for premises within the Borough. It can be inspected at the Hackney Service Centre or the Valuation Office, Cityside, 40 Adler Street, London E1 1EE.
The Rating List can also be viewed on the Valuation Office Agency website.
The Multiplier
The second element of the charge is called the multiplier. This figure is set each year and, under the current legislation, cannot be increased by more than inflation. For 2011/12, the multiplier is £0.433 (43.3p).
Example
Rateable value of the property is £30,000 the bill for 2011/12 would be (£30,000 x 0.433 = £12990).
It may be possible to reduce the amount of business rates payable in some circumstances. See Exemptions and Reliefs or contact the business rate section for further information.
Page updated: 25 Mar 2011
.