Your landlord may have chosen to pass only part of the RV to you.
Is there any requirement to include the full RV in the lease?
I only know that the value is less in the first half of the year.
Your landlord may have chosen to pass only part of the RV to you.
Is there any requirement to include the full RV in the lease?
I only know that the value is less in the first half of the year.
Definition and methodology here:
https://www.rvd.gov.hk/en/faqs/rates.html
While "ordinary" disrepair is not taken into account, "serious" disrepair is.
Last edited by shri; 28-06-2022 at 06:44 AM.
Maybe it will help get more accurate answers if you were more forthcoming as to what you're trying to accomplish.
Are you trying to protest your appraised value based on your neighbor's RV?
You pay rates on RV so be happy its lower and stop asking questions
.
But RV is generally always lower than actual rent, otherwise too many people would be lodging objections and then a pain in the arse to revalue all the time. Its just easier this way.
It's something something QA% + parking spot. Hahaha I rem seeing a formula before on RVD site. Not sure if that's what you're actually looking for but the +parking spot makes it likely =P It's in one of them pdf files that's on the RVD website.
RV of my place is about 20% off my estimate of market value, so this corroborates.
It's an old building though, so there may be some "serious" disrepair factored in. Also, the rental spread is relatively large as some units aren't renovated and I could foresee some units going for close to the RV.
I wonder where RVD gets their figures... whether they do their own research, or base entirely on R1A / CR109 / Stamp Duty submissions.
... in which case I wonder how many owners under-report for tax reasons.
ok found the formula I saw - pg83... looks tedious...
Rateable Value = Base Value x ( 1 ± CA% ± QA% ± FL% + AV% ) + Parking Value
where
Base Value = Floor area of subject tenement x basic rate $/m2
Parking Value is the value of any car parking spaces assessed together with the unit proper. The parking value, if applicable, is assessed in a separate exercise, prior to the assessment of the base value.
https://www.rvd.gov.hk/doc/en/property_rates.pdf