Government rent

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Privately owned land in Hong Kong is normally held from the Government by way of a 'land grant' known as a Government lease (formerly called a Crown lease) under which a rent is payable. Government rent (地租), formerly known as Crown rent (地稅), is paid by the Government lessee (the 'owner') to the Government in return for the right to hold and occupy the land for the term (i.e. duration) specified in the lease document.

After July 1 1997 a new government rent is levied on all land leases in the New Territories, including New Kowloon (Kowloon north of the Boundary Street), and all land leases in Hong Kong granted since May 27 1985. Under the Government Rent (Assessment and Collection) Ordinance (Cap. 515), Government rent is charged at 3% of the rateable value of the property.

[edit] See also

• Rates

[edit] External link

• Government Rent - Rating and Valuation Department, Hong Kong Government