The antecedent valuation date is the day from which all other matters (effectively those to do with economic conditions) are determined.

All business and non-domestic properties are valued on the same date - the valuation date.

The valuation date is set two years before the revaluation - also known as the 'effective date' - comes into being.

The tree of prices is produced by working forward from valuation date to expiration.

Rateable value represents the open market annual rental value of a business or non-domestic property on a set valuation date.

This means the rent the property would let for on the valuation date, if it was being offered on the open market.

Property values are determined at a particular valuation date for each jurisdiction, which varies widely.

Property values are generally based on fair market value of the property on the valuation date.

The commercial and economic background at the valuation date.

The rateable value broadly represents the annual rent the property could have been let for on a particular valuation date according to a set of assumptions.