the Hong Kong Inland Revenue Department announces rates and rent reductions. For the 2024-2025 fiscal year， the maximum reduction per rateable property is HK$1，000: 5% Next HK$250，000 for the first quarter (April to June 2024). This reduction directly offsets the rates payable for that quarter，。
no payment is needed. There are no reductions for the following three quarters. ， Rates and Government Rent Calculation Rateable Value The rateable value is the basis for calculating the amount payable for rates. It is estimated by the Inland Revenue Department and is not related to the market rental value of the unit. The Rating and Valuation Department assumes the property is rented annually as of the specified valuation date and estimates the annual rental value. This estimate remains unchanged even if the rental value fluctuates later. 2024-2025 Rates and Rent Collection Rates Non-Residential Rates Collection Rate: Rateable Value x 5% Residential Rates Collection Rate: For a rateable value up to HK$550，000: For the first three quarters of 2024: 5% For the fourth quarter (January to March 2025): First HK$550，000: 8% Remaining Amount: 12% Hong Kong Rent Collection Rate: Rateable Value x 3% Rates and Rent Reductions Each year，000: 5% For a rateable value over HK$550， and if the payable rates are less than the reduction。