THURSDAY, JANUARY 16, 1936
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NEED FOR REVALUATION EXERCISE STRESSED
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THE RATEABLE VALUE OF PROPERTY REPRESENTS AN ESTIMATE OF TH= ANNUAL RENT AT WHICH THE PROPERTY MIGHT REASONABLY BE EXPECTED TO LET AND BECAUSE RENTS DO RISE OR FALL OVER A PERIOD OF TIME. THERE IS A NEED FOR RATEABLE VALUES TO REFLECT THE CURRENT RENTAL POSITION. THE COMMISSIONER OF RATING AND VALUATION, MR GORDON BLENK INSOP SAID TODAY (THURSDAY).
EXPLAINING THE REASONS FOR THE RECENTLY COMPLETED 1984 GENERAL REVALUATION, MR BLENK INSOP SAID RENTS DID NOT NECESSARY RISE OR FALL EVENLY FOR DIFFERENT CLASSES OF PROPERTY OR IN DIFFERENT LOCATIONS AND SO IF WE SIMPLY RAISED THE RATES PERCENTAGE EACH YEAR INSTEAD OF REVISING THE RATEABLE VALUES ACCORDING TO CURRENT RENTS PAYABLE, CERTAIN PROPERTIES WOULD BE UNFAIRLY PENALISED WHILE OTHERS WOULD PAY CONSIDERABLE LESS THAN THEY SHOULD.
ADDRESSING A LUNCHEON OF THE ROTARY CLUB OF KOWLOON,
MR BLENK INSOP SAID THE OTHER REASON WAS THAT IF WE CONTINUED TO VALUE NEW PREMISES AT THE 1976 LEVEL, WHEN THE PREVIOUS REVALUATION WAS CONDUCTED, THE MORE DIFFICULT IT BECAME FOR VALUERS TO DETERMINE WHAT VALUE SHOULD BE PLACED ON NEWLY BUILT PREMISES.
+THIS WAS PARTICULARLY TRUE IN AREAS SUCH AS SHA TIN, TAI PO AND TUEN MUN WHICH DID NOT EXIST IN THEIR PRESENT FORM IN 1976.
+WE CERTAINLY DID NOT WISH TO FOLLOW THE EXAMPLE OF ENGLAND AND WALES, WHERE THEY HAVE NOT CONDUCTED A REVALUATION SINCE 1973, WITH THE RESULT THAT NEW ESTATES BEING BUILT ARE VALUED AT HYPOTHETICAL 1973 RENTAL LEVELS, A CONCEPT THAT WOULD BE VERY DIFFICULT TO EXPLAIN TO RATEPAYERS,+ HE SAID.
MR BLENK INSOP ADDED THAT THE GOVERNMENT INTENDED TO CONDUCT ANOTHER GENERAL REVALUATION IN 1988 AND THEN REPEAT IT EVERY THREE YEARS.
AS FOR THE RESOLUTION PROPOSING TO RAISE THE RATES PERCENTAGES FROM 5.5 PER CENT TO 6 PER CENT, MR BLENKINSOP SAID THIS WAS INCLUDEL IN THE RATING (AMENDMENT) BILL 1965 WHICH HAD HAD ITS SECOND READING AT THE LEGISLATIVE COUNCIL MEETING ON JANUARY 8.
HE SAID THE IMPRESSION THAT MANY RATEPAYERS WOULD HAVE LITTLE OP NO INCREASE IN THE IR RATES BILLS IN THE NEXT TWO YEARS WAS NOT STRICTLY CORRECT, AS ALL RATEPAYERS WOULD FACE INCREASED RATES !! 1986/87 AND MOST IN THE FOLLOWING YEAR.
HE ADDED: HOME ER, THESE INCREASE. WILL BE LIMITED BY THI RELIEF SCHEME TO A MAXIMUM OF 20 PER CENT CACH YEAR,+