Rateable Value (RV) is a figure set prior to 1990 by the District Valuer, working on behalf of the Inland Revenue. This figure was used to determine the Rentable Value of a property based on it's size, location, reputation of said location and local amenities - i.e. Shops, Schools etc. This method was stopped in 1990 and replaced with what is now known as Council Tax.
This figure is now only used by the Water Industry of England and Wales. The Rateable Value of a property will determine the yearly water charge for un-metered properties. This figure is used as a basis of charge and will not reflect the overall water bill. For example, if a property has the RV OF 100, the water bill will be calculated in the following way.
100 X £1.21 (Companies fresh water price per unit of RV) = £121
100 X £2.46 (Companies waste water price per unit of RV) = £246
Add addition standing charges - for example - £50/year £50
Giving you an annual bill of £417.
It means Rateable Value
Equity means : Ownership: Going by the word Home Equity it mens your share of ownership in your property: Home Equity= Estimated value of your proprty- Rateable value/ outstanding mortgage amount.
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