XN000022-1978-03-01 — Page 18

WEDNESDAY, MARCH 1, 1978

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REVALUATION OF RATEABLE VALUES DEFERRED

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THE FINANCIAL SECRETARY, THE HON. PHILIP HADDON-CAVE TODAY PROPOSED TO DEFER, FOR THE TIME EEING, THE REVALUATION OF RATEABLE VALUES WHICH WAS INTENDED TO BE CARRIED OUT THIS YEAR.

IN HIS BUDGET SPEECH IN THE LEGISLATIVE COUNCIL TODAY, + MR. HADDON-CAVE SAID THERE WAS NO ERIT IN MOUNTING SUCH AN EXERCISE IN THE ABSENCE OF ANY INDICATION THAT THE CURRENT VALUES WERE FAILING TO MEET OUR OBJECTIVES, BECAUSE +A REVALUATION EXERCISE IS, TO SAY THE LEAST, DISRUPTIVE IN ITS EFFECT BOTH ON RATEPAYERS AND ON THE STAFF OF THE RATING AND VALUATION DEPARTMENT. +

+THE COMMISSIONER OF RATING AND VALUATION HAS RE-EXAMINED THE 1977-78 VALUATION LISTS IN THE LIGHT OF RECENT MARKET RENTALS AND IS SATISFIED THAT THERE ARE, AS YET, NO ESTABLISHED TRENDS WHICH MAKE IT ESSENTIAL TO REVISE THE BASE VALUES THIS YEAR,+ HE SAID.

ON THE EASIS OF THE EXISTING GENERAL RATE APPLIED TO THE 1977-78 VALUES, AND HAVING REGARD TO THE SCHEME OF RELIEF HADDON-CAVE ESTIMATED THAT RATES REVENUE SHOULD INCREASE FROM 0710 MILLION IN 1977-78 (REVISED ESTIMATE) TO #795 MILLION IN 1978-79, CR BY NEARLY 12 PER CENT.

+ THE FORECAST IS THEREAFTER FOR AN INCREASE OF 7.2 PER CENT IN 1979-80,+ HE SAID.

+THIS INCREASE. IF ACHIEVED IS ACCEPTABLE AND I DO NOT

AT THIS STAGE ENVISAGE ANY CHANGE IN THE GENERAL RATE FOR 1979-80 AS A RESULT OF THIS DEFERMENT OF THE REVALUATION, + MR. HADDON-CAVE SAID.

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