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“‘rateable value’ means in relation to the area of charge (within the meaning of Part IV of this Act) of any rating authority (within the meaning of the said Part IV) the aggregate amount of the valuations under the Valuation Acts of all hereditaments situate in that area in respect of which any rate is payable or, in the case of an unoccupied hereditament, would be payable if the hereditament were occupied, whether such rate is payable to that rating authority or to some other authority having power by statute to make and levy rates, and whether such rate is, in the case of any particular hereditament, payable on the valuation thereof under the said Acts or on a fraction of that valuation or on a rent or a fraction of a rent issuing out of the hereditament, and whether such rent is payable in respect of the whole of or a part only of a local financial year;”.
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