WEDNESDAY, FEBRUARY 27, 1980
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SUCH CONTROLS TEND TO DISTORT THE MARKET SITUATION IN THAT ALTHOUGH RENTS FOR FIRST AND FRESH LETTINGS ARE NOT RESTRICTED, THE FREE RENTAL MARKET IS SUBJECT TO ABNORMAL PRESSURES AS LANDLORDS ATTEMPT TO MITIGATE THE EFFECTS OF BEING ENCUMBERED WITH CONTROLLED TENANTS.
HE SAID UNTIL A SUFFICIENTLY LARGE FREE RENTAL MARKET FOR DOMESTIC ACCOMMODATION WAS RE-ESTABLISHED AND THE GAP BETWEEN CONTROLLED RENTS AND MARKET RENTS WAS NARROWED, THERE ARE POOR PROSPECTS FOR A REVALUATION ON THE PRESENT HISTORICAL BASIS.+
ON THE POSTPONEMENT OF AN UPDATING OF THE ASSESSABLE VALUES FOR PROPERTY TAX, SIR PHILIP SAID ASSESSABLE VALUES, LIKE RATEABLE VALUES, WERE BASED ON THE FREE RENTAL MARKET CONCEPT, UNLESS THE RENT WAS CONTROLLED UNDER THE LANDLORD AND TENANT (CONSOLIDATION) ORDINANCE, WHEN CONTROLLED RENT WAS SUBSTITUTED FOR THE FREE MARKET RENT. THIS ENSURES THAT A PROPERTY OWNER IS NOT TAXED ON GREATER AMOUNT.
HE SAID TO ASCERTAIN PROPER ASSESSABLE VALUES WITH A REASONABLE DEGREE OF CERTAINITY IT WOULD, THEREFORE, BE NECESSARY TO SEND OUT A FURTHER RETURN TO OBTAIN INFORMATION RELATIVE TO APRIL 1, 1980.
+THIS INFORMATION WOULD THEN HAVE TO BE RECORDED AND ANALYSED AND, FOR THOSE PREMISES NEWLY BROUGHT UNDER CONTROL, IT WOULD BE DESIRABLE TO DELAY FIXING THE ASSESSABLE VALUES UNTIL SUCH TIME AS THE PROCESSING OF INITIAL APPLICATIONS TO ESTABLISH CONTROLLED RENTS IS COMPLETED.
+GIVEN THESE CONSTRAINTS, TIGHT SCHEDULES ON COMPUTER PROCESSING AND DOUBTS AS TO THE AVAILABILITY OF THE NECESSARY STAFF, RELUCTANTLY I HAVE HAD TO CONCLUDE THAT THIS EXERCISE MUST BE POSTPONED, HE SAID.
HOWEVER HE GAVE A WARNING THAT THERE COULD BE NO QUESTION OF THE NEXT REVIEW OF ASSESSABLE VALUES NOT BEING UNDERTAKEN FOR 1981-82.
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