We look at many rents in an area before deciding on the right rateable value for each property.

Rents can vary between properties in an area, even if the properties are similar and the rents are agreed at the same time. This is because landlords and tenants often have different views on the rental value of a property and sometimes there are special lease terms that can affect the rent paid.

We look at all the varying rents and decide what is a reasonable level of open market rental value – this becomes the rateable value. So the rateable value may not be the same as the rent you are paying, even if your rent agreement is on the valuation date.