53
-
Wednesday, March 1, 1972
"Having regard to the rapid development in these areas since
then, there is a very strong case for bringing the rate up to that
applicable in the urban areas proper; but for the moment I propose that
no such change should be made and, therefore, the rate will remain at
11 per cent," he said.
He added that eventually the rate should be in line with that
applicable in the urban areas.
"But this lattor objective can best be achieved by a phased
programme so as not to disrupt unduly landlord and tenant relationships."
Other Areas In N.T.
"I hope that a start can also be made to bring other areas in
the New Territories into rating with effect from April 1, 1974 benefiting
the revenue by about 34 million to $5 million; the areas I have in mind are Tai
Po, Yuen Long, Clearwater Bay Road and Tsing Yi," the Financial Secretary said.
Whilst he believed Government could afford to make a concession
in the rate charge applicable with effect from 1973/74 in view of the
increased assessed values resulting from this year's revaluation, this did
not mean that the new rate could remain unchanged for yet another 40 years.
He pointed out that as a result of the downward revaluations
of 1967/68 and 1969/70, the total of rateable values and thus the growth
of revenue from rates had been rather less than previously.
e wore able to accept this in the general financial situation
then prevailing but should there be any downturn in rents which is reflected
in the revaluation scheduled for 1975/76 resulting in a slower growth
of revenue from rates, we may have to consider raising the rate charge again."
"I hope ..