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Business Rates, or ‘Non-Domestic Rates’ as they are officially called, are collected by local government on behalf of central government and then redistributed throughout local government. The key part of the business rates is the rateable value (RV) of your commercial property. This is assessed by the valuation officers at the Valuation Office Agency (VOA). With a few specific exceptions, each non-domestic property has an RV, which is based on the market rent it would be expected to command. A re-valuation is usually carried out every five years so that the values in the rating list can be kept up