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Rates concession in 2002


In his Policy Address today (October 10), the Chief Executive, Mr Tung Chee Hwa, announced the granting of a one-off concession to all ratepayers in 2002 in order to provide some immediate relief for the community. The concession will be equivalent to either the actual rates payable for each rateable tenement in the 12-month period ending December 31, 2002, or $2,000 for each rateable tenement whichever is the less.

In the first quarter of 2002, all ratepayers will be given a credit of $2,000 which will be used to offset the rates payable in respect of their rateable properties. Any unused portion of the $2,000 credit will be brought forward to offset the rates payable for subsequent quarters in 2002 until it is used up. Any unused portion will lapse on December 31, 2002.

Properties assessed to rates effective after January 1, 2002 and up to December 31, 2002 shall be entitled to the concession on a pro-rata basis, i.e. in proportion to the duration in which the property is liable to rates in 2002.

With the concession, 31% of the ratepayers, or 840,000 households (including 62% of all public housing tenants, 10% of households living in private domestic units and 15% of the commercial or industrial units comprising mainly small and medium enterprises), will not have to pay any rates in 2002. The rest will get the full concession of $2,000. In total, the scheme will save ratepayers an estimated $5 billion in rates payment in 2002.

The rates demands to be issued in 2002 will show the amount of concession granted and the net rates payable.

Members of the public can contact the Rating and Valuation Department at 2152 2152 for enquiries.

End/Wednesday, October 10, 2001


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