Rateable Value is an estimate of the annual rent a property could achieve if it were to be rented out on the open market. It is used primarily for calculating local taxes, such as business rates for commercial properties and council tax for residential properties. The value is determined by the local government and is reviewed periodically. The Valuation Office Agency (VOA) in the UK is responsible for assessing and setting these values. Factors influencing the rateable value include the property's size, location, and condition. Understanding your property's rateable value is essential for budgeting and financial planning.