This chapter explains how the aspects are considered for rating valuation. Rating is a tax on the annual value of land and buildings. The chapter examines each phrase and then looks at various subsidiary rules that have evolved to ensure uniformity in assessing rateable values. The rateable value to be adopted for any hereditament to be equivalent to the rent at which it is likely the average landlord and tenant would be able to agree terms. The ratepayers argue that a reduction in rateable value was appropriate because a car manufacturer would regard an annual tenancy as very great disadvantage compared with a term of years. Since 1966 when the unoccupied property rate was introduced, there has been a succession of cases concerning the effect of disrepair on rateable value. Repair works may include those necessitated by vandalism or other deliberate damage to a property, as well as that resulting from fair wear and tear and the effluxion of time.