WEALTH OF LONDON

Southland Times, Issue 19434, 24 December 1924, Page 14

WEALTH OF LONDON

QUINQUENNIAL VALUATION NEXT YEAR’S GREAT TASK. LARGE INCREASE EXPECTED. Active preparations are being made in London for next year’s quinquennial valuation, an enormous task in which property valuers, estate agents, rating experts, and the town clerks of the various boroughs play the leading part. r Khe purpose of the undertaking is •to ascertain the ratable value of all property in the Metropolis, from great hotels like the Ritz and the Carlton to tenements in Bethnal Green and little shops in the Mile End Road. The authority for reassessing London’s value from the point of view of the rates collector is not a modern Act of Parliament, but'the “Statute of Elizabeth” passed in 1601, which rendered “every inhabitant parson, vicar, and other” liable to pay rates. The Statute was amended to meet present day conditions in 1869, the first five yearly valuation taking place in 1870. HOW RATES ARE LEVIED Since then the ratable value of the Metropolis has increased by nearly £30,000,000, it being estimated by competent judges that the forthcoming valuation will show j&at London is worth, from this standpoint, at least £58,000,000. a figure which does not, of course, include the outlying districts, such as Richmond or Ilford. Already many., owners of property have received their valuation forms on which must be recorded a description of the premises in question, rent, whether an agreement, the duration of either, and similar facts. The forms are reviewed by the valuation committees of the different local authorities. All objections are heard by the assessment committee, and if the plaintiff still fails to obtain the redress he seeks he may, on giving formal notice and by depositing £5O as security for the costs of the appeal, bring his case for consideration at the next quarter sessions. Rates are imposed on other forms of property besides houses, shops, and so on. Railway companies have to pay rates on their stations and lines. In London the revenue from this source alone is over £2,250,000. Advertisement hoardings gas, water and electricity mains, and even sewers, are rated, as well as racecourses, theatres, and cinemas, the latter being accessed according to the seating accommodation. VARIOUS EXEMPTIONS. On the other hand, there are certain kinds of property that are considered exempt for this purpose, as, for instance, churches and chapels, art galleries, public libraries, and museums. Ships do not pay rates, unless they happen to be permanently moored. Caravans also escape, although in recent months one or two local authorities have flouted this regulation and imposed rates in cases where they regarded this course as justified. The lighthouses and lightships maintained by Trinity House and the Board of Trade are also exempt, but those in the possession of dock and shipping companies have to pay. Exemption is also granted in. the case of foreign embassies and legations, on the ground that they are internationally recognised as being part of the territory of the country they represent. Crown property cannot be assessed for rates, but in some instances, such as telephone and telegraph cables, post offices, and customhouses, the Government departments concerned make a payment to the local authorities in place of the rates that would ordinarily he demanded.