Pay rates

All real estate in Hong Kong, including private property and public housing, must be assessed for rates under the Rating Ordinance (Cap. 125). 1 16), but village houses built in villages in the New Territories and small houses owned by indigenous inhabitants in the New Territories are exempted from paying rates. Owners pay rates for their own properties. If the property is leased, the responsibility for paying rates is determined by the terms of the lease agreed by both parties. Some leases stipulate that tenants must pay rates, while others may include rates in the rent, that is, the owners must pay rates. If the payer thinks that the rateable value is higher than the market value, he can object to the Rating and Valuation Department. Rates are paid in advance in four quarters every year. At the beginning of each quarter, the Valuation Department will issue a demand notice for rates on the property, and the final payment date of rates is the end of the first month of each quarter (1, 3 1, April 30, 3 1 and 1).

Rates account for about 5% of the total government revenue. In fiscal year 2005-2006, there were about 2.2 million appraisals, totaling about 2.83 million units. From 2005 to 2006, the rate collection rate was 5%, and the valuation was based on the rental value of 65438+ 10/day in June 2004.