2024-25 Valuation List and Government Rent Roll available for inspection from March 18
**************************************************************************************
Notices relating to the display of the Valuation List and Government Rent Roll were gazetted today (March 15). The new Valuation List and the Government Rent Roll can be inspected during office hours in the above period at the RVD, 15/F, Cheung Sha Wan Government Offices, 303 Cheung Sha Wan Road, Kowloon.
Proposals objecting to the new rateable values must be lodged during the period from March 18 to May 31 by submitting an electronic form (Form e-R20A) using the Electronic Submission of Forms service provided on the RVD's website, or on the specified form (Form R20A). Form R20A is available from the RVD's website, or at the RVD's office or any Home Affairs Enquiry Centre of the Home Affairs Department. Completed forms must be served on the Commissioner of Rating and Valuation by personal service or by post.
"Proposals received after May 31 or served by fax or other modes will not be accepted," a department spokesman said.
All rateable values are reviewed by reference to rental values in the open market on the designated valuation reference date of October 1, 2023, to ensure a fair distribution of rates and Government rent liability among rates and Government rent payers in accordance with the assessed rateable values.
Rates are charged at specified percentage(s) of the rateable value of the property. For the financial year 2024-25, the rates percentage charge for different properties is as follows:
- All non-domestic tenements: will remain at the present 5 per cent.
- Domestic tenements with rateable value of $550,000 or below: 5 per cent.
- Domestic tenements with rateable value over $550,000: Rates will be charged at 5 per cent for the first to third quarters of 2024-25. According to the proposed progressive rating system for domestic tenements, with effect from the fourth quarter of 2024-25 (i.e. January to March 2025), rates will be charged at 5 per cent of the rateable value on the first $550,000 and at 8 per cent on the next $250,000, and then at 12 per cent on the portion of rateable value exceeding $800,000. For details of the progressive rating system, members of the public may visit the RVD's website.
If payable, Government rent is charged at 3 per cent of the rateable value of the property.
In the 2024-25 Budget Speech, the Financial Secretary proposed a rates concession measure for the first quarter of 2024-25, i.e. April to June 2024, subject to a ceiling of $1,000 for each rateable tenement.
Rates and Government rent demands to be issued in early April will show the rateable values for 2024-25, the Government rent payable and the net rates amount payable after deducting the rates concession. Leaflets explaining the general revaluation, the rates concession scheme and the proposed progressive rating system for domestic tenements will accompany these demands. Enquiries can be made on the RVD's 24-hour hotline 2152 0111 (handled by 1823).
"The demands must be paid by the last day for payment shown on the demand whether or not an objection is made to the new rateable value," the spokesman said. "If there is any change to the rateable value as a result of any objection, this will date back to April 1, 2024, and any necessary adjustment to the amount payable will be made in subsequent demands."
To enhance valuation transparency, payers of rates and Government rent of assessed private residential properties (excluding village houses) may obtain information on the saleable area and age of their properties free of charge through the PIO using the Assessment Number and the PIO Enquiry Code printed on the Rates and Government Rent Demand.
Ends/Friday, March 15, 2024
Issued at HKT 11:00
Issued at HKT 11:00
NNNN