Major works calculations
Each property has a rateable value (RV) based on its size and location. Estate rateable values (ERV) are calculated by adding together the RVs for all the properties on the estate.
Similarly, block rateable values (BRVs) are calculated by adding together the RVs for all the properties in the block.
We work out the cost for major works by using rateable values. We divide the cost of works to the estate by the ERV and multiply this by your property RV.
- Total cost = £7,681.39 (A)
- Block RV = 603 (B)
- Property RV = 376 (C)
So property cost = £4,789.72 (D) - A divided by B, multiplied by C, equals D.