§ Lord Houghton of Sowerby
asked Her Majesty's Government:
What was the date and basis of determining the annual value for rating purposes of dwelling houses taken for the last revaluations for local rates in England and Wales; and what would be the approximate percentage increase in rating assessments if the same basis were to be updated for a current revision.
§ The Parliamentary Under-Secretary of State, Department of the Environment (Baroness Blatch):
In England and Wales, domestic properties were last revalued for rating purposes in 1973. Values were based on the rent at which each property might reasonably have been expected to let, assuming that the tenant paid the rates and that the landlord bore the cost of repairs and insurance. From this value a deduction was made on a statutory scale to determine the annual rateable value. Comparable information based on current rents is not available.