I
Wednesday, June 20, 1973
REVISED BASIS FOR ASSESSING CROWN RENT
Wha
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The government has revised the basis for assessing the Crown rent
payable under renewed Crown leases. Crown rent will now be assessed as a
percentage of the rateable value rather than on the value of the land.
Announcing this in the Legislative Council today, the Attorney General,
the Hon, J. Hobley, said that the Crown rent to be paid annually would be
three percent of the rateable value at the date of renewal.
He added that this percentage had been "the subject of very careful
consideration, with the needs of owners of smaller properties particularly
in mind".
The revised Crown rent applies to renewable Crown leases yet to be
renewed. This rent will remain in force throughout the term of the lease except
where land is subsequently developed, in which case the Crown rent will be
reassessed on the basis of the new rateable value once this is determined.
Those whose leases have already been renewed can elect to pay Crown
rent on the rateable value basis with effect from July 1, if it is to their
advantage to do so.
Commenting on the background to this decision, Mr. Hobley recalled
that during the second reading of the Crown Leases Bill 1973, which was moved
on March 28, several members had urged reconsideration of the basis of assessment.
They had drawn attention to the hardship which would be experienced by
small property owners, the great number of associations united in opposition
to the policy and the effect of high land prices on the level of reassessed Crown
rents.
/The bill
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