2024-04-19 28Hse Editor
The new budget proposes to reduce rates for residential properties in the four seasons of 2021/22. Each unit is capped at $1,500 per quarter for the first two quarters, and capped at $1,000 per quarter for the next two quarters. Therefore, for the first two quarters 63% of people do not have to pay rates. According to the Evaluation Department, after the reassessment of the rateable value, the average rate of all residential units in Hong Kong is $523, and the average rate can be reduced by $322, that is, the average rate payable is $201.
According to the latest estimates, the revalued rateable value fell by an average of 6.8%. If members of the public object to the rateable value, they can submit proposals between today and May 31. However, what the Budget mentions is the waiver of rates, and there is no waiver of government rent. Even if the landlord does not have to pay rates in the coming year, the landlord still has to pay for the units that had to pay the government rent before.
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