[ adj ] liable to payment of locally assessed property taxes <adj.all> the ratable value of property
Rateable \Rate"a*ble\ (-[.a]*b'l), a. See {Ratable}.
The calculation of the rateable value will be based on April 1993 rental values; the calculation of the UBR will reflect the changing distribution of commercial property values across the UK. The UBR is set by the government in England and Wales.
The original lease must be 'long' (more than 21 years), the ground rent low, and the rateable value below Pounds 1,500 - or just above that if you can show that the marginal added value came from improvements you had made as tenant (leaseholder).
It says trials show household metering leads to a 13 per cent fall in water use overall and a 20 per cent cut at peak times. Very few houses have meters - most water bills still being calculated on the rateable value of each house.
The rateable value supposedly reflects the rent at which the property could have been let on a normal commercial basis at the valuation date, April 1 1988. The district valuer will take into account many factors.