Rateable Value

Rateable value is an estimate of a property’s annual rental worth, used primarily for taxation purposes. It reflects the amount a property could reasonably be rented out for in the open market, considering factors like size, location, and use. This value helps authorities calculate business or property taxes, such as rates in the UK. It's not what you might actually earn from renting, but a standardized assessment used to determine how much tax is owed. Essentially, it’s a benchmark that balances fairness and consistency across similar properties for tax calculations.