Rateble value of property

Rucha Pawar (Querist) 12 January 2013 This query is : Resolved
Dear all sir's
can u plz guide me on how th erateble valu of the propery is to be fix and what is the procedure and documents require for the same. the property may be anything like farm, flat , building , or an open land .

please guide me
thanks in advance.

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prabhakar singh (Expert) 12 January 2013
The Rateable Value is calculated as the rent that a property fetches or may fetch, minus certain deductions. Various parameters of the property like its construction type, usage type, etc. determine which method is applied to compute this value. In cases where a property is let out on rent, this rent is the base for computing the RV.

However, in cases where the property is owner occupied, the rent-earning capacity of that property is estimated using the Residential Letting Rate or RLR Method.

In those cases a person first has to locate the group in which his building falls.
Thereafter he has to locate the zone in which the building is included.
Then he shall have to find out the rates applicable to the said zone. He
has to ascertain the floor wise built up area of the building, the built up
area floor wise is to be multiplied by the rates given for various groups
to arrive at monthly rateable value. Thereafter he shall have to multiply
the said rateable monthly value by 12 to arrive at annual rateable value.
Thereafter a rebate of 10% for the purpose of repair and maintenance is
to be taken from the said rateable value. This is net rateable value.