How is Rateable Value determined?

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.