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What is the difference between the gross value, ratable value and the amount payable?
- Gross value: Means the rent at which the property might reasonably be expected to let, from year to year, if the tenant undertook to pay conservancy fees, water rates and all other usual tenants’ rates and taxes and the landlord undertook to bear the cost of repairs and other expenses necessary to maintain the premises in a state to command that rent.
- Ratable value: Means the net annual rental value of a property is obtained after deducting a rate of 22% on the gross value.
- Amount Payable: Is the amount obtained after applying a tax as approved by council. For Wakiso it is 8% of the ratable value of the property.
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