The next step in calculating the rates, is to determine what a rate of 1 p in the Ј of rateable value will produce. 1 p in the Ј will produce Ј1 for every Ј100 of rateable value.
The occupier of the house with rateable value Ј150 would have to pay rates of Ј150 xO-30 = Ј45.
The rates
Councils are required to show each rate payer how the money collected from the rates is to be spent. The statement might look something like this:
Services administered by the Borough Councilestimated product of a 1p rate: Ј17000.