MONDAY, NOVEMBER 22, 1976
THE 1977-78 REVALUATION
******
NOTICES OF NEW RATEABLE VALUE FOR 1977-78 WILL BE SENT OUT TO SOME 450,000 RATEPAYERS STARTING EARLY NEXT MONTH, THE COMMISSIONER OF RATING AND VALUATION, MR. RAYMOND FRY, SAID TODAY (MONDAY).
IN AN ADDRESS TO THE HONG KONG MANAGEMENT ASSOCIATION, HE SAID THE NEW VALUATION LISTS FOR 1977-78, THE FIRST REVISION FOR FOUR YEARS, WOULD BE DECLARED ON MARCH 3, 1977 AND THEREAFTER RATEPAYERS WOULD HAVE A PERIOD OF 21 DAYS TO LODGE PROPOSALS IF THEY OBJECTED TO THE VALUATION AND WISHED TO HAVE IT ALTERED.
+FOLLOWING THE MAKING OF A PROPOSAL A RATEPAYER WILL, IN DUE COURSE, BE SENT A NOTICE OF DECISION, HE SAID, +IF HE OR SHE IS STILL NOT SATISFIED AN APPEAL CAN THEN BÉ LODGED WITH THE LANDS TRIBUNAL.+
HE POINTED OUT, HOWEVER, THAT BEFORE LODGING AN APPEAL A RATEPAYER SHOULD SEEK PROFESSIONAL ADVICE, FOR SUCH PROCEEDINGS COULD BE COSTLY AND TIME-CONSUMING.
J
+THERE IS, OF COURSE, NOTHING TO DETER A RATEPAYER FROM MAKING INFORMAL REPRESENTATIONS AS SOON AS HE RECEIVES HIS NOTICE OF RATEABLE VALUE, AND INDEED, WE WOULD WELCOME AN APPROACH AT THAT TIME, FOR, IF A REDUCTION IS WARRANTED, WE WOULD PREFER TO GET THE RATEABLE VALUE AMENDED BEFORE THE LIST IS PRINTED, HE ADDED.
MR. FRY SAID THE FINAL VALUATION LISTS TO BE DECLARED IN MARCH WOULD CONTAIN NEARLY 450,000 ASSESSMENTS, AN INCREASE OF 42 PER CENT COMPARED WITH 317,000 IN THE 1973-74 LISTS.
+THE TOTAL RATEABLE VALUE IN THE 1973-74 LISTS WAS SOME $3.343 MILLION AT THE BEGINNING OF THIS FINANCIAL YEAR IT WAS $4,841 MILLION AND AT APRIL 1 NEXT YEAR EXPECT IT TO BE AROUND $9,000 MILLION, INCLUDING, OF COURSE, NEW PREMISES ADDED THIS YEAR.
+ON AVERAGE, RATEABLE VALUES ARE LIKELY TO INCREASE BY ABOUT 80 PER CENT BUT INCREASES WILL PROBABLY BE RATHER LOWER IN THE NEW TERRITORIES, HE SAID.
HE SAID THE INCREASES WOULD VARY BETWEEN AREAS AND CLASSES OF TENEMENT AND WOULD HAVE THE EFFECT OF RE-DISTRIBUTING THE OVERALL RATES BURDEN.
+HOWEVER,