The Valuation Roll
Net Annual Value and Rateable Value are defined by statute and are, in short, the annual rent that is estimated would be paid by a Tenant to a Landlord under a given set of circumstances including:
The property is let on a year to year basis, it is maintained in a fit state to command the rent and the tenant is responsible for the cost of repairs, insurance, management and rates.
Values are fixed every five years at a Revaluation and will only be changed if there is a material change of circumstances affecting the value or if the value is amended on appeal.
The level of value for each five yearly period is based on the “Tone Date” which is the 1st April two years prior to the date of the Revaluation.
The physical circumstances used for the Revaluation will be those on 1st January in the year of Revaluation.
You can look up the Valuation Roll entry for your property or any other property in Scotland via the Scottish Assessors Association Web portal.
Please note that the Rateable Value is not the amount of Rates that will be payable for any particular property. The Rateable Value is the basis for the calculation of the Rates payable by the constituent local authorities. The Rate Poundage (the proportion of each pound of Rateable Value that is collected) and any schemes for relief of rates payable are by the Scottish Government.