STATUTORY VALUATIONS RATING COURSEWORKa)Define what is meant by a hereditament. Refer to statute and case law in your answer.b)Identify one office hereditament within Greater London which has a Rateable Value in excess of 75,000 p.a. and also had a Rateable Value under the 2005 rating list. Describe the hereditament outlining aspects which are likely to affect the rateable value.c)Explain the basis for calculating a Rateable Value including the relevant dates and the hypothetical assumptions.d)Find the last Rateable Value for your chosen hereditament in the 2005 rating list and calculate the rates which should have been payable in 2009/2010. Clearly explain how the rates bill was calculated.e)Find the Rateable Value for this hereditament as at 1st April 2010 and calculate the rates which should have been payable in each of the 5 years 2010/2011, 2011/12, 2012/13, 2013/14 and 2014/15 taking into account any transitionary/ phasing or other reliefs. Clearly explain how the rates bills are calculated .f)By adopting the floor areas and other information from the list valuation, and after identifying settled rateable values and/or on-line or other comparables, discuss whether the April 2010 Rateable Value is correct for the property.g)Discuss changes to the non domestic rating system which you consider would make local taxation fairer to businesses.:

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