You might be wondering why a house would need a zero rating in the first place.
Land is an essential element of a house, and without it, the house would not be complete.
So what is a zero-rating?
The short answer is: it depends on the land.
If a house is built on a plot of land that is not the property of a property company and the property company owns all of the land, the property is considered to be a zero rated asset.
This means the property owner can sell the property and use it to build any other home on the same plot.
If a property is sold to a tenant, the tenant may be allowed to purchase the house.
The bottom line is that a zero has no negative impact on the value of the house and can be used as an incentive to keep a property open.
You can check the rating of your property using the Land Value Calculator.
More to know about Land Value Calculators:What is a house without a zero?
A house is defined as a structure that is constructed on or near to a land surface that has no more than three feet of water and a depth of at least six inches.
A zero rating means a house cannot be built on any land with a surface depth less than three inches.
How can I find out if my house is a Zero rated property?
If you are unsure of the property’s rating, you can use the Land Valuation Calculator.
Simply enter the number of days since the property last sold, the land’s current value and the current price.
The Land Value calculator will display the value and a percentage based on the total value of your house, its current market value and how long it has been owned.
Find out more about the Land value calculator on our Land Value page.