Correct me if I'm wrong (which I'm sure someone will) but I have long held the impression that CT reflected the amount spent on amenities. Policing, fire service, libraries, rubbish collection, road and public place cleansing, etc.
The more businesses in an area, the less council tax is paid.
Westminster has the lowest rate of council tax in the country.
What was determined to be the 'rateable' value of a property years ago would now be much much more, however, the cost of the exercise to revalue properties would negate the higher charges which would subsequently be imposed.
New builds are rated according to newer guidelines which is why there is often a stark difference between a two bed terrace and a million pound mansion, the former paying a higher level of council tax.
BTW, it is your local borough councillors who set your council tax levels.