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Rateable value

In collecting rates the rating authority – usually the local authority imposes a levy on all property owners. The rate is expressed as so much in the pound on the rateable value of a property. This value, although it appears to be arbitrarily assessed, is, in fact, directly based on the estimated rent that the property might be expected to command in the open market and with vacant possession.

Reference: The Penguin Business Dictionary , 3rd edt.