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March 8, 2014 |
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In Hong Kong, rates on property is based on the nominal rental value of the property. Unlike in England and Wales, it is still levied. Prior to 2000, it was used to fund municipal services, responsible by the now-abolished Urban Council and Regional Council, Hong Kong|Regional Council, through the Urban Services Department and Regional Services Department. The revenue now goes to the treasury. Numerous Rating Acts and their amendments have sustained Territorial Authorities of New Zealand for over a century. Rental value is not the commonest criterion: land value and improved value have been more commonly used. Many exceptions are provided in legislation to reduce perceived unfairness of whichever system the council is using. In the United Kingdom, rates on residential property were based on the nominal rental value of the property. Whilst still levied in Northern Ireland, they were abolished in Scotland in 1989 and England and Wales in 1990 and replaced with the Poll tax|Community Charge (poll tax), a fixed charge the same for everyone. This was soon replaced with the Council Tax, a system based on the estimated market value of property, with a discount for people living alone. Rates on non-residential property (business rates) are still charged. Gov-stub HK-stub Kiwi-stub UK-stub Category:Taxation category:Taxation in the United Kingdom category:Taxation in Hong Kong This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Rates (tax)".
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