Annual Statement of Rates Overview

Annual Statement of Rates and Property Valuation

• Effective Date of New Rates: New rates in the Annual Statement come into effect on April 1st.

• Handling Administrative Difficulties: If administrative issues arise, the previous year's rates are revised, not the new rates or suspending them immediately.

• Rate Revision Consultation: The Joint Director of Town Planning and Valuation must be consulted regarding any revision of previous year's rates.

• Office Display Requirements: Registering officers must display a copy of the Annual Statement of Rates outside their office.

• Property Value Comparison: When evaluating property value, the registering officer compares the market value with the rates in the Annual Statement.

• Value Discrepancy (Lower Stated Value): If the stated value is less than the market value, the case is referred to the Collector. Registration is not immediately rejected or fined.

• Annual Statement Distribution: The Chief Controlling Revenue Authority provides the Annual Statement copy to the Sub-Registrar.

• Market Value Verification Timing: Market value verification is done prior to property registration, not after.

• Determining True Market Value: The Collector of the District determines the true market value if the stated value is considered less than the market value.

• Rate Revision Factors: Both increases and decreases in market rates influence the revision of previous year's rates in the Annual Statement. Inflation alone is not the complete factor.