Rating

Question 1

What are the 5 methods of valuation?

Answer 1

• Comparable
• Profits
• Contractors
• Residual
• Investment

Question 2

What properties are exempt from rating?

Answer 2

• Disabled persons
• Religious worship
• parks
• Agriculture
• Fish farms

Question 3

How do you determine rateable occupation?

Answer 3

John Laing and Son V Assessment Committee for Kingswood: ABET

• Actual occupation
• Beneficial occupation
• Exclusive occupation
• Not too transient

Question 4

What is actual occupation

Answer 4

The physical presence of the occupier or stored items

Question 5

What is beneficial occupation?

Answer 5

occupier receives benefit from occupying, financial or to fulfill a purpose.

Question 6

What is exclusive occupation?

Answer 6

Having paramount control over the property

Question 7

What is meant by transience?

Answer 7

some level of permeance. Intensity is taken into account.

Question 8

What is:
- Antecedent Valuation Date
- Material Day
- Effective Date
- Rateable Value

Answer 8

AVD: Occurs 2 years before new rating list

MD: Day which physical change have to be accounted for

ED: Date in which charges for rates begin, end or alter.

RV: Estimated market rent of a hereditament at the AVD assuming reasonable repair and an FRI lease.

Question 9

What’s transitional relief and what’s its purpose?

Answer 9

Transitional relief tapers an increased charge to a properties RV cased by a revaluation.

Question 10

What is a hereditament?

Answer 10

Property (including land) which may become or is liable to a rate which would be a separate item in the valuation list

-S64 LGFA

Question 11

What guidance would you adhere to if you were on an inspection alone?

Answer 11

RICS Surveying Safely (2nd edition)