10
Wednesday, January 17, 1973
There are many instances in which two similar neighbouring buildings
are paying totally different rates.
:
"In future, if there is any delay by the Commissioner to update the
valuation list in line with increased rental values, the assessment of rateable
values of newly constructed buildings will be based on the market rents prevailing
at the time when the current valuation list was prepared.
**Thus, ratepayers for new buildings will not have to bear an undue
proportion of the rate burden, as the honourable Financial Secretary said two
even if rents continue to rise.
weeks
ago,
"On the other hand, in the unlikely event, if rents go the other
direction and fall, I presume rate payers for new buildings will then have to
bear an undue proportion of rate burden," he said.
On the maximum five per cent surcharge on non payment at specified
date, Dr. Chung renewed a proposal which the Financial Secretary had turned
down earlier.
"A two-step penalty could be equally effective and simple on the
one hand but less harsh on ratepayers on the other.
"In other words, Government could, for example, impose a two per cent
surcharge for payment overdue within the first two weeks and five per cent
surcharge after two weeks," Dr. Chung said.
+
In reply, the Financial Secretary, the Hon. C.P. Haddon-Cave, said
that regarding the valuation of premises subject to the Landlord and Tenant
Ordinance, the two per cent concession on the rate charge was, a concession
to mitigate the effect of the revaluation on the community as a whole and it was
not intended as a special concession for this particular class of ratepayer.
/The Bill,
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