WEDNESDAY, MARCH 6, 1991
37
FINANCIAL SECRETARY PROPOSES REDUCTION IN TOTAL CHARGE TO RATES
SIR HON THE
PIERS JACOBS TODAY SECRETARY, THE FINANCIAL
TERRITORY WIDE, (WEDNESDAY) PROPOSED THAT THE TOTAL CHARGE TO RATES, BE REDUCED FROM 7.5 TO 5.5 PER CENT.
"
IN RESPECT OF THE URBAN COUNCIL AREA, THE GENERAL RATE WILL BE WILL BE REDUCED FROM 4 TO 2.5 PER CENT WHILE THE URBAN COUNCIL RATE
IN RESPECT OF THE REGIONAL COUNCIL REDUCED FROM 3.5 TO 3.0 PER CENT. AREA, THE GENERAL RATE WILL BE INCREASED FROM 1.5 TO 1.75 WHILE THE REGIONAL COUNCIL RATE WILL BE REDUCED FROM 6 TO CENT," SAID SIR PIERS IN HIS BUDGET FOR 1991-92.
PER CENT 3.75 PER
THAT
HE POINTED OUT THAT LAST YEAR HE RAISED THE GENERAL RATES, WAS THE RATES WHICH WERE PAYABLE TO GENERAL REVENUE, BY 1.5 PERCENTAGE POINTS.
11
"DESPITE THIS INCREASE, RATES CURRENTLY PAYABLE, EXPRESSED AS A PROPORTION OF ACTUAL RENTS, REMAIN LOW COMPARED TO SEVERAL YEARS AGO, HE SAID.
IN
AND AND
SPEECH THAT HE RECALLED THAT AS MENTIONED IN HIS 1990 BUDGET ALL RATEABLE VALUES WOULD BE REVISED WITH EFFECT FROM 1991-92; AND NOVEMBER 1990, THE GOVERNOR DIRECTED THE COMMISSIONER OF RATING VALUATION TO PREPARE A NEW LIST OF RATEABLE VALUES IN THE URBAN REGIONAL COUNCIL AREAS, TO TAKE EFFECT FROM APRIL 1,
1991.
EXERCISE WAS
SIR PIERS STRESSED THAT THE GENERAL REVALUATION NOT OF ITSELF DESIGNED TO INCREASE REVENUE FROM RATES.
IS THE SAID.
"ITS PRIME PURPOSE IS TO ENSURE THAT THE BURDEN OF THE SPREAD FAIRLY BETWEEN DIFFERENT CLASSES OF RATEPAYER ACCORDING
THEY OCCUPY, HE CURRENT MARKET RENTAL VALUES OF THE PREMISES
CHARGE TO
HE POINTED OUT THAT THE PRESENT RATEABLE VALUES WERE BASED RENTS PASSING IN OCTOBER 1986.
ON
THEN,
BB
GIVEN THE CONSIDERABLE INCREASE IN PROPERTY VALUES SINCE IT WAS NOT SURPRISING THAT THE NEW RATEABLE VALUES, WHICH WOULD
SUBSTANTIALLY HIGHER. BASED ON RENTAL VALUES IN JULY 1990, WOULD BE
ALSO,
IMPROVEMENTS IN TRANSPORTATION, AND INFRASTRUCTURAL
IN DIFFERENCES CAUSED CONSIDERABLE
PROPERTIES
SAME CLASS,
AND THE
WITHIN THE
THE
OTHER DEVELOPMENTS, HAD INCREASES FOR INDIVIDUAL FINANCIAL SECRETARY SAID.
PER
PER
THE AVERAGE INCREASE IN RATEABLE VALUES WOULD BE ABOUT 65
PER CENT FOR NON-DOMESTIC AND 105 CENT FOR DOMESTIC PROPERTIES PROPERTIES, AND THE OVERALL AVERAGE INCREASE WOULD BE ABOUT 85 CENT, WITH WIDE FLUCTUATIONS BETWEEN DIFFERENT CLASSES OF PROPERTY.
RATEABLE VALUE BY HOWEVER, SIR PIERS SAID THAT A CHANGE IN ITSELF DID NOT DIRECTLY DETERMINE THE INCREASE A RATEPAYER WOULD
PAY.
/"WHAT RATEPAYERS