To calculate the amount of rates charged on a property, you need to know the rateable value of the property, and the rate in the pound (also known as the Multiplier or Rate Poundage).

The amount payable is calculated by multiplying the rateable value by the rate in the pound.  For example, if a property has a rateable value of £9,000 the bill for 2008/2009 would be calculated by multiplying this by the rate in the pound which is currently 46.2p:

9000 x 46.2/100  = 4158.00

This gives the basic amount payable, but there are other factors that can adjust the actual amount payable such as transitional arrangements or other rate reliefs.

The rateable value is set by the Valuation Office Agency, and the rate in the pound is set by Central Government.

A bill is sent for each financial year, which runs from 1 April to 31 March.

Please note:  One of the features of the newly introduced Small Business Relief scheme is that there are now 2 multipliers in use for each financial year.

Whilst the National Non-Domestic Rates multiplier for 2008/2009 is 46.2p, businesses qualifying for Small Business Relief are charged on a multiplier of 45.8p.