How non-domesticyour (business)property propertiesis are valued for business rates

ThisThe guideValuation providesOffice anAgency’s overview(VOA) ofcalculates thea Valuationrateable Officevalue Agency’sfor (VOA)each approachbusiness toproperty measuringin England and valuingWales.

A non-domesticrateable propertiesvalue (propertiesis oran landestimate thatof arewhat notit solelywould usedcost residentially).to Itrent looksa atproperty thefor mosta commonyear, propertyon typesa andset howvaluation theydate. areThe valuedproperty asis wellassumed asto explainingbe:

• vacant
• in thereasonable mostrepair
• available commonto valuationlet methods.
  on the open market

ThereIt areis aalso numberassumed ofthat differentthe valuationtenant methodspays butfor the mostbusiness commonrates, onerepairs isand a rentals-based approach.insurance.

ThisThe guidevaluation doesn’tdate coveris allset methodsby law and everyhelps propertymake type.valuations Thisconsistent.

Rateable value is becausenot valuationwhat isyou apay complexin processrent thator looksbusiness atrates. everyYour individuallocal propertycouncil anduses appliesthe uniquerateable criteriavalue dependingto onwork type,out geographicyour locationbusiness andrates thebill.

Ways attributes of theworking propertyout orrateable land.

value

YouThere canare view3 amain summaryways of yourworking property’sout valuationrateable usingvalue. theThe findmethod athe businessVOA ratesuses valuationdepends service.on Youthe cantype alsoof seeproperty aand morethe detailedinformation valuationavailable usingabout athe business rates valuation account.property.

Non-domestic

Rental rates

method

Non-domesticThe rates,rental alsomethod knownis asused businessto rates,value coverproperties alllike propertyshops, consistingfactories ofand landoffices. orIt’s buildingsused notwhere classedthere’s asa domesticlot propertyof orinformation exemptavailable fromabout rating.lease terms and rents paid.

Profits method

BusinessThe ratesprofits applymethod is used to avalue wideproperties rangelike ofhotels, propertyleisure regardlesscentres ofand whethertheme theyparks. areIt’s used forwhen actualthere businessis purposes.not Theymuch applyinformation to,about forrents example,paid. beachThe hutsrateable andvalue villageis hallsbased ason wellthe asrent thea shops,tenant offices,would andbe factorieswilling moreto commonlypay associatedto withachieve businessa use.certain amount of trade.

Contractor’s basis

IfThe acontractor’s propertybasis hasis aused mixto ofvalue domesticproperties like schools, airports and non-domesticchemical uses,plants. itIt’s willused havefor bothproperties athat non-domesticare assessmentnever (meaningrented itout couldso bethere liableis tono businessinformation rates)about andrents paid. The rateable value is based on the cost of constructing a Councillike Taxfor band.like building.

New

Find ratingand listscompare (whichyour contain the rateable valuesvalue

View foryour non-domesticproperty’s properties)rateable arevalue usuallyand preparedhow everyit fivehas years.been Thecalculated currentwith listthe wasfind publisheda onbusiness 1rates Aprilvaluation 2017.service. TheYou nextcan listalso willsee comethe intorateable effectvalues onand 1calculations Aprilof 2023.comparable properties.

RateableShops valueand high street businesses

The VOA givesuses a rateable‘rental’ valuemethod to eachvalue non-domesticbusinesses propertyon andthe thishigh isstreet usedlike byshops, localhairdressers councilsand tobanks.

The calculateVOA agathers property’sinformation businessabout rates.

Arents property’spaid rateablefor valueshops representsand thehigh rentstreet thebusinesses. propertyIt couldanalyses havethe beeninformation letand forworks onout a certainprice dateper setsquare inmetre law.for the property. It mayalso notconsiders belocal theconditions actualand rentproperty paidcharacteristics onlike:

• an thisunusual dateshop asshape
• additional thewindow lawdisplay makesfrontages
• split alevels
• sales numberareas ofhidden assumptionsby (suchpillars

Zoning

Zoning asis used to apply the propertyprice beingper vacant,square metre to letthe property and inget reasonablethe repair,rateable andvalue. thatThe thefront rentof excludesa shop including any otherwindow charges,display taxesarea oris insurance). Theconsidered rateablethe valuemost isvaluable notspace.

Each zone covers the amountwidth youof pay,the butshop itand ishas useda bydepth localof councils6.1 tometres. calculateZone yourA businessstarts ratesat bill.the Estimateshop yourwindow. businessAs ratesyou bill.

Youmove canfurther checkinto athe property’sshop, rateableeach valuezone usingis half the findvalue aof businessthe ratesone valuationbefore service.

Settingit. aSpaces rateablelike value

Forstore mostrooms propertiesor thatupstairs offices are rented,valued thereas area threepercentage stagesof tothe azone valuation:A rate.

1. The

   VOA: VOAhow collectswe rentuse evidenceretail (rentzoning for business rates

   Plant and leasemachinery

   Plant agreementand details)machinery formay mostbe non-domesticshown properties.separately Thisin evidencethe israteable analysedvalue calculation and adjustedcan byinclude:

   • heating
   • sprinklers
   • air VOAconditioning
   • cold surveyorsstores

   Valuation toschemes

   Shops ensureand thathigh allstreet evidenceproperties isthat consideredare fairly.like Theeach approachother will be different,part dependingof ona thevaluation typescheme. ofThis propertyhelps (formake example,rateable bedvalues fair and breakfastconsistent.

   Method propertiesof measurement

   Shops are valuedmeasured using differentthe informationnet frominternal shops).

2. Forarea most(NIA) properties,method.

   Factories, theyworkshops setand commonwarehouses

   The basicVOA valuesuses perthe square‘rental’ metremethod forto similarvalue propertiesindustrial in the same area. Larger properties maylike havefactories, awarehouses lowerand valueworkshops.

   The perVOA squaregathers metre,information inabout therents samepaid wayfor thatindustrial buyingproperties. itemsIt inanalyses bulkthe willinformation usuallyand meanworks aout loweran individualaverage price per item.

3. Thesquare VOAmetre.

   To thenget adjusts the basicprice value per square metre toof reflectan individual property, the property’sVOA individualconsiders featuresthings andlike:

   • size
   • property appliesage
   • location
   • features, thissuch toas theeaves floorheight areas.and heating

SomeThe propertiesprice areper notsquare valuedmetre byis usingmultiplied by the property floor area soto get the valuationrateable approachvalue.

Plant usesand anothermachinery

Plant meansand ofmachinery, comparison,car forparking exampleand forland amay bedbe andshown breakfastseparately propertyin athe basicrateable value iscalculation. appliedPlant toand themachinery numbercan of bedspaces.include:

• sprinklers
• air conditioning
• CCTV
• heating

Valuation schemes

TheProperties VOAthat groupsare similarlike propertieseach inother theand samevalued areausing togetherthe tosame makemethod sureare thatgrouped theyinto valuea themvaluation fairlyscheme. andThis consistently.helps Thismake israteable calledvalues afair ‘valuationand scheme’.consistent.

Method of measurement

AllIndustrial properties inare themeasured sameusing schemethe willgross beinternal givenarea a(GIA) valuemethod.

Offices

The fromVOA uses the same‘rental’ valuemethod range.to value offices.

The VOA makesgathers assumptionsinformation about theserents similarpaid propertiesfor andoffices. ifIt aanalyses propertythe isinformation differentand fromworks theseout assumptionsa theprice VOAper adjustssquare themetre property’sfor value.

Foreach example,floor inarea. aIt valuationalso schemeconsiders thethings VOAlike:

• rent-free mayperiods
• improvements assumemade thatby the propertiestenant
• unusual havelease noterms

A fireprice protection.per Ifsquare onemetre ofis multiplied by the propertiesproperty infloor thatarea schemeto doesget havethe it,rateable theyvalue.

Car parking may applybe ashown higherseparately valuein tothe thatvaluation propertyor becausereflected ofin thisthe feature.overall Theprice finalper valuesquare willmetre.

Plant dependand onmachinery

Plant anand adjustmentmachinery ofmay allbe ofshown separately in the individualrateable attributesvalue calculation and factorscan together.include:

Most

• air typesconditioning
• heating
• CCTV
• sprinklers

Valuation ofschemes

Properties propertythat are valuedlike byeach aother methodand knownvalued asusing ‘rentalthe basis’,same followingmethod acceptedare valuationgrouped practice.into Shopsa arevaluation generallyscheme. valuedThis onhelps amake ‘zoning’rateable basisvalues whereasfair officesand orconsistent.

Measurement industrialmethod

Offices propertyare willmeasured beusing valuedthe onnet ainternal ‘mainarea space’(NIA) basis.method.

Pubs

SomeThe propertiesVOA thatuses are‘fair notmaintainable normallyturnover’ rented,(a suchtype asof hospitalsprofits andmethod) schools,to arevalue valuedpublic usinghouses.

This is the contractor’sannual testincome basis.a Thisreasonably looksefficient atlandlord thecould costexpect ofto replacingachieve theon buildinga and,certain afterdate.

A adjustment,rental takespercentage ais prescribedapplied percentageto ofthe thatturnover costestimate asto get the rateable value.

Property whereThe thepercentage rentaltakes valueinto isaccount usuallythings linkedlike tothe turnover,type suchof aspub, pubsits location and largeif hotels,it maysells befood.

The valuedpercentages usingare theiragreed tradingwith potentialthe asindustry angroups indicatorand ofthey’re valuein (alsothe knownvaluation asof fairpublic maintainablehouses trade).approved Thisguide.

VOA: ishow knownwe asassess thepubs receiptsfor andbusiness expenditure basisrates.

Assets included in valuationHotels

The VOA willuses include‘fair certainmaintainable businesstrade’ assets(a intype theirof valuation.profits Formethod) example,to plantvalue andhotels.

This machineryis maythe addannual valuetrade to a propertyreasonably andefficient thereforeoperator certaincould typesexpect ofto plantachieve andon machinerya arecertain likelydate to. beThe shownVOA separatelyanalyses intrade afrom valuation.

Whatprevious countsyears asand plantconsiders andthe machinery?

trade of comparable properties.

ExamplesThe (andVOA howapplies theya arepercentage relevant to the valuation)fair maymaintainable include:

Shops

• Airtrade conditioningto /get airthe handlingrateable (floorvalue.

  The areapercentage servedapplied bydepends systemon:

  • the (sqtype m))of hotel
  • CCTVexpected securityprofit
  • expected systemtrading (onlyperformance

  Restaurants

  The ifVOA 4uses orthe more‘rental’ cameras)

• Firemethod protectionto /value detectionrestaurants.

  The /VOA alarmgathers /information suppressionabout (arearents coveredpaid byfor sprinklershops systemand (sqrestaurants. m))

• LiftsIt (floorsanalyses servedthe information and capacity,works whetherout goodsa orprice passenger)
• Renewableper energysquare itemsmetre. (presenceIt ofalso solarconsiders panelslocal /conditions wind turbine, and theirproperty generatingcharacteristics capacitysuch inas:
  • outside kiloseating
  • unusual Watts (kW))layouts
  • Coldair storesconditioning

  Zoning (whether built in or freean standing‘overall’ asmethod wellis asused grossto floorapply area)

• Uninterruptiblethe powerprice supplyper /square standbymetre generatorto (sizethe ofproperty generatorand get inthe kilorateable Volt Amps (kVA))

value.

OfficesOverall method

• Air

  The conditioningprice /per airsquare handlingmetre (flooris applied to the floor area servedof byeach systempart (sqof m))

• CCTVthe securitybuilding. systemThe (onlymost ifimportant 4space, orsuch moreas cameras)
• Firethe protectionmain /dining detectionarea /on alarmthe /ground suppressionfloor, (areais coveredvalued byat sprinkler100% systemprice (sqper m))
• Liftssquare (floorsmetre.

  Kitchens, servedstores and capacity,customer whethertoilets goodsare orvalued personnel)

• Renewableat energya itemslower (presencepercentage of solarthe panelsprice /per windsquare turbine,metre.

  Kitchens andthat theircustomers generatingcan capacitysee inand kiloare Wattspart (kW))

• Uninterruptibleof powerthe supplydining /experience standbyare generatorvalued (sizeat of100% generatorprice inper Kilosquare Volt Amps (kVA))

metre.

IndustrialZoning

• Air

  The conditioningrestaurant /is airdivided handlinginto (floorzones. areaEach servedzone bycovers systemthe (sqwidth m))

• CCTVof securitythe systemrestaurant (onlyand ifhas 4a ordepth moreof cameras)
• Fire6.1 protectionmetres.

  Zone /A detectionstarts /at alarmthe /window suppressionand (areais coveredvalued byat sprinkler100% systemprice (sqper m))

• Liftssquare (floorsmetre. servedAs andyou capacity,move whetherdeeper goodsinto orthe personnel)
• Airrestaurant, compressorseach (whetherzone screwis orhalf piston).the Freevalue airof flowthe capacityone inbefore cubicit.

  Spaces metreslike perstore hour,rooms or cubicupstairs feetoffices are valued at a price per minute.square (CMHmetre.

  Plant /and CFM)

• Renewablemachinery

  Plant energyand itemsmachinery (presencemay ofbe solarshown panelsseparately /in windthe turbine,valuation and theircan generatinginclude capacityair inconditioning kiloand Wattslifts.

  Valuation (kW))

• Coldschemes

  Properties storesthat (whetherare builtlike ineach orother freeand standingvalued andusing grossthe floorsame area)

• Uninterruptiblemethod powerare supplygrouped /into standbya generatorvaluation (sizescheme. ofThis generatorhelps inmake Kilorateable Voltvalues Ampsfair (kVA))

Measuringand methods

consistent.

ZoningMeasurement method

ZoningRestaurants isare ameasured standardusing methodthe ofnet valuinginternal andarea comparing(NIA) retailmethod.

Valuation premises.schemes

The ShopVOA orgroups retailcomparable premisesproperties are divided into zones,a startingvaluation fromscheme. theThis window.helps Typically,them eachvalue zoneproperties hasfairly aand depthconsistently.

Local ofvaluation 6.1schemes

Local metresvaluation althoughschemes thisare canused varyfor dependingproperties onvalued using the locationrental ofmethod, thesuch property.as shops, offices and industrial properties.

ZonesEach becomescheme lesshas valuablea therange furtherof theyprices arefor fromfloor theareas window/entrance.(such Zoneas A,an whicharea isof thea closest,shop) isand theadditional mostitems valuable(such as itparking hasspaces). Properties in the highestscheme potentialare togiven generatea businessprice forfrom thewithin shop.that Zonerange. BThis is next,the thenproperty’s Zone‘base C.rate’. AnythingTo afterset Zonethe Cbase israte, usuallythe definedVOA aslooks at the remainder.individual characteristics of a property.

VOA:For howexample, wethe useVOA retailmay zoningassume fornone businessof rates

Surveythe method

Theproperties VOAin usesa standardvaluation measuringscheme methodshave basedfire onprotection. theIf Royalone Institution of Charteredthe Surveyorsproperties (RICS)in formerthe codescheme ofdoes measuringhave practices.fire protection, the

ThereVOA aremay twogive commonthe methodsproperty -

Thea nethigher internalbase arearate (NIA)or methodmake ofan measurementadjustment isto generallyreflect appliedits to:value.

• offices
• shops
• other

  National retailvaluation premises,schemes

  Properties suchin asnational banks,valuation hairdressers,schemes restaurants

are usually valued using the profits method or contractor’s basis.

The grossVOA internaldiscusses areasome (GIA)national methodvaluation ofschemes measurementcentrally. isWhere generallypossible, appliedthey’re toalso industrialagreed propertywith suchindustry asbodies warehouses or manufacturingtheir units.representatives.

Net

Measuring internalthe area

property

The nettwo internalmethods areathe (NIA)VOA isuses themost totaloften usableto areafind ofout eachthe floorarea withinof a building,building measuredare tonet theinternal insidearea face(NIA ofand thegross boundaryinternal wallsarea (ignoring skirting boards).(GIA).

AreasThey’re measuredbased include:

• kitchens
• anyon built-inthe cupboardsRoyal orInstitution unitsof thatChartered occupySurveyors usable(RICS) areas
• perimetercode skirtingof boards,measuring mouldingspractices.

  VOA: andhow trunking

• openwe circulationmeasure areasproperties suchfor asbusiness atria,rates

  NIA

  NIA corridorsis andthe entranceusable halls

• Partitionarea wallswithin anda otherbuilding dividingmeasured elements

Areasto thatthe areinside excludedface are:

• internalof structuralperimeter walls
• walls (whetherat structuraleach orfloor not)level. enclosingIt’s excludedused areas
• piers,for columns,properties chimneylike breasts,shops, ductsoffices and otherrestaurants.

  Things projections

• cleaner’sthat cupboards
• lifts,contribute liftto rooms,the liftusable wells
• stairwellsarea andinclude:

  *entrance landings

• stairwells,halls * entrancekitchens * halls,built-in atria,cupboards landings and balconies used in commonoccupy orusable forareas * essentialramps, access
• corridorssloping and other circulation areas usedand steps in commonusable withareas * otherareas occupiersoccupied orby ofventilation aand permanentheating essentialgrilles

  Things nature

• boilerthat rooms,do fuelnot stores,contribute plantto roomsthe andusable tankarea roomsinclude:
  • shared otherentrance thanhalls, thoselandings ofand abalconies
  • internal tradestructural process naturewalls
  • cartoilets parkingand areascleaner’s rooms
  • spacescolumns occupiedand bychimney coolingbreasts
  • stairwells and heatinglift equipment,shafts

  Example

  An airoffice conditioningis systems10m andlong ductingby which12m renderswide. theA spacecleaner’s substantiallycupboard unusable

• areasin with a headroomcorner of lessthe thanoffice 1.5m
• toiletsmeasures and2m associatedby lobbies,1m. unlessThe additionalusable toiletsarea haveis been118 installed
• areassquare undermetres the(120 controlsquare ofmetres serviceminus 2 orsquare other external authorities

metres).

Gross internal floor areaGIA

ThisGIA is the area of a building measured to the internal face of the externalperimeter walls at each floor level,level. whichIt’s includes:

• areasused occupiedfor byproperties internallike wallsfactories, workshops and partitions
• columns,warehouses.

  Things piersthat chimneycontribute breasts,to stairwells,the lift-wells,area otherof internala projections,building vertical ducts

include:
• atria and entrance halls with clear height above, measured at base level only
• internal openwalls sidedand balconies, walkwayspartitions
• structural,internal rakedbalconies orand steppedwalkways floorsthat are treatedopen-sided
• columns asand achimney level floor measured horizontallybreasts
• horizontalstairwells floorsand withlift permanentshafts

Things accessthat belowdo structural,not rakedcontribute orto steppedthe floors

• corridorsarea of a permanentbuilding essentialinclude:
  • the naturethickness (suchof asthe fireperimeter corridors, smoke lobbies)wall
  • areasexternal in the roof space intended for use with permanent accessprojections
  • mezzanineexternal areasbalconies intendedand forwalkways usethat withare permanent accessopen-sided
  • liftcanopies

  See rooms,the plantlatest rooms,RICS fuelCode stores,of tankmeasuring roomspractice whichon arethe housedRICS inwebsite.

  Shared aproperty coveredand structureoccupying ofmore athan permanentone nature,property

  Properties whetherin aboveEngland

  If mainyou roofoccupy levelmore orthan not

• serviceone accommodationpart suchof asa toilets,property, toiletthe lobbies,number bathrooms,of showers,valuations changingyou rooms,get cleaners’depends rooms
• projectionon rooms
whether:
• voidsthe overparts stairwellsyou andoccupy lifttouch shaftseach onother upperor floorsnot
• loadingyou bays
• areasuse withthe aparts headroomfor ofthe lesssame than 1.5mpurpose
• pavement vaults
• garages
• conservatories

ItThe excludes:

• perimeterparts wallor thicknessfloors andyou externaloccupy projections
touch when (either of these apply):
• externalone open-sidedpart balconies,shares coveredall waysor andsome fireof escapes
• canopies
• voidsa overwall or(or undertype structural,of rakedenclosure) orwith steppedthe floorsother part
• greenhouses,all gardenor stores,some fuelof storesone andfloor theis likedirectly inover residentialthe property
• openceiling groundof floorsthe other floor

VOA:The measuringVOA propertieswill forgive businessone rates

Adjustmentsvaluation andfor endall adjustments

Inthe certainparts circumstances,that thetouch VOAand mayare makeused adjustmentsfor tosimilar recognisepurposes. aYou disadvantagewill orget advantageone inbusiness therates propertybill (orfor partsthese ofparts.

The it)parts comparedor tofloors otheryou broadlyoccupy similardo properties.not Fortouch example,when anthey air-conditionedare officeseparated mightby have(either anof adjustedthese):

• another valueoccupier
• areas ifshared with other localoccupiers officessuch don’t.as Thelifts, adjustmentstairwells mayor behallways

The onVOA partwill ofgive thea assessmentvaluation orfor theeach wholepart (asthat andoes endnot adjustment).

Singletouch. andYou multiplewill hereditaments

Toget ensuremore athan propertyone isbusiness correctlyrates rated,bill.

If ityou ishave importantparking toseparated knowfrom howthe manybuilding partsby ofa shared area, the propertyVOA needwill togive beseparate separatelyvaluations ratedfor (orthe howbuilding manyand ‘hereditaments’the thereparking.

Example are).1

Assim’s Ifbusiness occupies the propertyground hasfloor onlyto onethe occupierthird andfloor allof partsan are8 contiguousstorey (whichoffice generallybuilding. meansAnother touchingcompany inoccupies somethe way)fourth to onethe anotherseventh orfloors. ifAccess overto consecutiveall storeysfloors theis partsby arecommunal contiguouslifts byand meansstairs. ofAssim’s thebusiness floorwill ofreceive one lyingvaluation directlyfor aboveall the ceilingfloors ofit theoccupies. other,The thisother company will normallyreceive beone avaluation singlefor hereditament.all the floors they occupy.

Example 2

BuildingsJessica’s whichbusiness haveoccupies morethe thanground onefloor occupier, and wheresecond thefloor partsof ina the4 samestorey occupationoffice arebuilding. notAnother contiguouscompany becauseoccupies theythe arefirst separatedand bythird otherfloors. occupationsAccess orto sharedall areasfloors suchis asby stairwellscommunal lifts and corridors,stairs. areJessica’s treatedbusiness aswill multiplereceive hereditaments.a Thisvaluation willfor alsoeach applyfloor toit caroccupies. parkingThe areasother ifcompany theywill arereceive separateda fromvaluation thefor buildingeach byfloor sharedthey areas.occupy.

Essentially,

Properties propertyin whichWales

Before comprises1 multipleApril buildings2023 isif classedyou asoccupy abuildings singlethat hereditament if the properties are occupiedside by theside sameor personone orfloor organisationabove andanother arein contiguousa tobuilding, oneyou anotherwill (anreceive exceptiona willvaluation befor whereeach onebuilding partor floor.

If there is useda forconnection anbetween entirelythe differentbuildings purposeor fromfloors whichthat theyou otherdo isnot used). Findshare outwith moreanyone aboutelse, howyou wewill valuereceive non-domesticone propertiesvaluation withfor morethe moreparts thanthat oneare occupier.connected.

Repair

Example and rateable value

1

PropertiesCynthia arehas rated2 withshops anside assumptionby thatside they’rewith ina reasonabledoorway repair.connecting Ifthem. aBoth propertyshops iswill be given in disrepairone orvaluation.

Example undergoing2

Owen repairhas works,two thisshops mayside affectby side and the rateableonly valueway ifto themove propertybetween them is considered to beuse ‘beyondthe economicstreet. repair’.Each Thisshop iswill whenget thea costseparate ofvaluation.

From repairing1 April 2023 Wales will adopt the propertysame isrules soas highEngland.

Repair thatand arefurbishment

Repair

The reasonableValuation landlordOffice wouldAgency notvalues findproperties itassuming financiallythat worthwhile.they’re in reasonable repair.

TheIf VOAyour willproperty usuallyis requestbeyond detailseconomic suchrepair asthe arateable schedulevalue ofmay thebe worksaffected. andBeyond theeconomic costrepair ofis eachwhen itema beforereasonable decidinglandlord ifthinks the rateablecost valueof canrepairing bethe reduced.property is not financially worthwhile.

ReadMore more about about repair inand valuationrateable termsvalue .

Refurbishment

Refurbishment worksmay might include improvements, extensions and changing a property’s use.

If It’syou’re importantrefurbishing toyour noteproperty, that the worksVOA must be much more than repairs to the property. Depending on the extent of the scheme of works, it may affectchange the valuation.

Arateable reductionvalue will usually be appropriate only when:

• the works are tomuch createmore athan materiallyrepairs
• the differentworks propertywill tochange the oneproperty that currently existssignificantly
• at the pointproperty wherecannot thebe costusefully toused repairduring the property for its original use is no longer in proportion to its rateable value (beyond economic repair)works

RefurbishmentThe mayrateable alsovalue increasemay thego valuationup to reflect the higher quality of a refurbished property.