Clause 7

Where it appears that any Valuation List —

is or has become inaccurate in any material particular in any year; or

is likely to become inaccurate in any material particular in the ensuing year,the Chief Assessor may, in the year referred to in paragraph (a), if he considers it desirable that an amendment should be made to the Valuation List, give notice thereof to the owner of the property concerned stating the amendment that is considered desirable and the date from which it is proposed the amendment shall take effect, and the amendment shall be made in the Valuation List from that date.(2) For the purposes of this section, the Valuation List shall be deemed to be inaccurate in a material particular where —

the Chief Assessor is of the opinion that the annual value of a property included in the Valuation List does not correctly represent the annual value evidenced by —

the rental obtained from a tenant in respect of a property previously vacant or previously occupied by the owner;

the increased or decreased rental obtained in respect of the letting out of that or similar property; or

the consideration paid or value passing on the sale or transfer, directly or indirectly, of any estate or interest in that or similar property, including the sale or transfer of 75% or more of the issued ordinary shares of a land-owning company, whether or not the Chief Assessor exercises the option given in section 2(3);

the Chief Assessor is of the opinion that the rental, if any, obtained from the tenant is lower than the gross amount at which the property could reasonably be expected to be let from year to year;

any new building is erected or any building is rebuilt, enlarged, altered, improved or demolished;

any property, not exempted from the provisions of this Act, has not been included in the Valuation List; or

the Chief Assessor is of the opinion that the annual value of any property or part thereof in the Valuation List required to be assessed on the basis of gross receipts by any order made under section 6A does not correctly represent the annual value as evidenced by the gross receipts arising from the use of that property for the purposes of any trade or business and determined in the manner specified in the order.(3) The Chief Assessor may, in his discretion, cancel any notice given under subsection (1) which is inaccurate in any particular and may replace it with another notice.(4) Any alteration to a Valuation List required for the purpose of correcting any of the matters referred to in section 10(2)(a), (b) and (d) or for the correction of any clerical or arithmetical error therein shall not in itself constitute an amendment and may be made at any time.(5) In this section, “land-owning company” means a company the main object or one of the main objects of which is the development of property by the construction of houses or buildings thereon for the purpose of sale or rent.Objection to Valuation List20A.—

Any owner aggrieved by the inclusion of any property in the Valuation List or by the annual value ascribed thereto in the Valuation List in any year may, at any time in that year, make an objection to the Chief Assessor by written notice in such form as the Chief Assessor may determine, stating precisely the grounds on which the objection is made and the desired amendments to the Valuation List.(2) Notwithstanding subsection (1), any owner who desires to object to an amendment made to the Valuation List under section 20 shall do so within 21 days of the service of the notice referred to in section 20(1).(3) The Chief Assessor shall consider an objection under subsection (1) or (2) and may —

disallow the objection; (b)allow the objection in whole;

allow the objection in part; or

allow the objection in a manner agreed between the Chief Assessor and the owner.(4) The Chief Assessor shall serve the owner by post or otherwise with a written notice of his decision.(5) Where the Chief Assessor allows an objection under subsection (3)(b), (c) or (d), the Chief Assessor may specify any date in the year in which the objection is made from which the amendment shall have effect, and the amendment shall be made in the Valuation List immediately.(6) The Chief Assessor may, in his discretion, cancel any notice served under subsection (4) which is inaccurate in any particular and may replace it with another notice.(7) Any owner dissatisfied with the decision made by the Chief Assessor under subsection (3)(a) or (c) may, within 21 days of the service of the notice under subsection (4), appeal to the Valuation Review Board in the manner provided in section 29.(8) Where the Valuation Review Board varies any annual value in the Valuation List under an appeal to the Board, the Chief Assessor shall cause the Valuation List to be amended in accordance with the decision of the Board.(9) Unless the Chief Assessor in his discretion determines otherwise —

an objection under this section may only be made in respect of the annual value of any property in the Valuation List as from a date after —

the date of notice of amendment under section 20(1), where no previous objection to that notice in respect of that property had been made in the year to which the Valuation List relates; or

the date of written notice under subsection (4), where a previous objection in respect of that property had been made in the year to which the Valuation List relates; and

no objection under this section shall be made within the period during which the Chief Assessor’s decision under subsection (3) regarding any previous objection in respect of the same property is pending.(10) Any notice of objection which had been given under section 14(1) or 20(3) in force immediately before the date of commencement of the Property Tax (Amendment) Act 2002 and for which the objector has not received written notice of the Chief Assessor’s decision on the objection by that date shall be deemed to be a notice of objection made under this section.”.