Rates are a tax levied on properties. The revenue collected helps to pay for public services such as police, fire services, education, health and hygiene, which are of benefit to everyone in the community.
How are rates computed? The Rating and Valuation Department (RVD) takes into account various factors such as age, size, quality of finishes, location, transport facilities and amenities, to calculate an estimated annual rental value of a property. Rates are then charged at a percentage of this amount. For the Financial Year 2011-2012, the rates percentage charge is 5%.
In order to reflect the up-to-date rental values of the properties, RVD carries out an annual review on the rateable values in an exercise called the general revaluation. You will be notified of the new rateable values at the end of March or early April each year. The notification will be sent to you with the April to June quarterly rates and/or Government rent demand note. If you do not agree with the new rateable values, you may lodge an objection in the months of April and May. For details, please read “How can I object to the new rateable values?”.