 Rateable value is an estimate of the annual rent that would be paid for the property at a fixed date.Currently, this date is two years prior to the beginning of the list (known as the antecedent valuation date), incorporating certain assumptions laid down in the legislation.To value a property, a valuer would look at the physical properties of the property (such as size and location), and consider the economic conditions (the market price for similar local properties), along with the nature of the transaction (such as a freehold sale, or agreement of a lease).