The Rating and Valuation Department announced the rateable value of the 2019-20 financial year in mid-March this year
The procedure for submitting the objection was closed at the end of May. On Friday, the department has completed an audit of about 39,000 objections. About 1,630 of them have been approved for rent adjustment, with a ratio of about 4.2%, an average of about 10.9%. During the period, a total of 910 shops were approved for downward adjustment, with an average of 11.6%.
Did not reflect the impact of social movements
Recently, the retail market has been sluggish and the rents have dropped sharply. According to the data of the Department of Differential Assessment, the total number of objections in the 39,000 objections was about 18,200, with a ratio of about 46.7%. In the objection of the shop, about 5% of the 910 shops were allowed to lower the rental value, which accounted for about 55.8% of the total of the estimated 1630 approved cases. It is worth noting that the objection must be submitted before the end of May. Therefore, it is believed that the figures do not reflect the social movement factors that have become hot in June.
In addition, the Department of Health and Welfare received about 4100 objection cases involving residential developments
Only about 3.4% of them were approved for rent adjustment, involving about 140 cases, with an average reduction of about 9.9%. The objection of about 4,000 office buildings was only 85. The approval was only about 2.1%, with an average of about 5.5% of the approved rent reduction. The Rating and Valuation Department said that the approved rental value will be effective as of April 1 this year. If the applicant is dissatisfied with the review decision, he can appeal to the Lands Tribunal within 28 days of the issuance of the notice.