Rating Dept Issues 390,000 Property Forms; Owners Must Declare Usage
Bastillepost · 2 SOURCESabout 1 hour ago1 MIN
Summary
The Rating and Valuation Department issued approximately 390,000 property details declaration forms on Thursday to rate and rent payers across Hong Kong. The exercise aims to collect updated information on property usage, rental rates, and lease arrangements to facilitate a comprehensive revaluation of rateable values. Property owners must submit completed forms within 21 calendar days, with new rateable values taking effect from April 1 next year.
Key Points
- The Rating and Valuation Department issued around 390,000 declaration forms to collect property usage details, rent, and lease information
- Data gathered will be used for full revaluation of rateable values to reflect current market rental levels
- New rateable values will take effect from April 1 next year, applying to vacant, rented, or owner-occupied properties
- Electronic submissions via e-R1A form are available through the department's website, with FAQ support provided
- False declarations carry penalties of up to HK$25,000 or HK$10,000, plus three times the undercharged amount
Why It Matters
This annual exercise directly impacts property tax obligations for nearly 400,000 Hong Kong property owners. The accuracy of declared rental information will determine rateable values and associated costs for the fiscal year beginning April 2025, making timely and truthful compliance essential to avoid financial penalties .
This annual exercise directly impacts property tax obligations for nearly 400,000 Hong Kong property owners. The accuracy of declared rental information will determine rateable values and associated costs for the fiscal year beginning April 2025, making timely and truthful compliance essential to avoid financial penalties .