Amendment of Valuation List
20.—(1)  Where it appears that any Valuation List is or has become inaccurate in any material particular, the Chief Assessor may, on the application of any person interested, or otherwise, and in the manner hereinafter provided, amend the Valuation List accordingly.
(2)  When, in pursuance of subsection (1), the Chief Assessor considers it desirable that an amendment should be made to any Valuation List, he shall give notice thereof to the owner of the property concerned stating what amendment is considered desirable and the date from which it is proposed the amendment shall take effect.
(3)  Any owner who desires to object to such amendment may, within 21 days of the service of such notice, give to the Chief Assessor notice of objection in the manner provided in section 14.
[25/63]
(3A)  Notwithstanding any objection referred to in subsection (3), there shall be payable to account of tax in respect of that property a sum calculated at the prescribed rate of tax on the basis of the annual value proposed under subsection (2), or the annual value in the Valuation List as the Comptroller may, in his discretion, decide; and such sum shall be payable and recoverable in the same manner in which taxes are payable and recoverable under this Act.
[46/96]
(4)  Any owner dissatisfied with the decision made by the Chief Assessor under this section may, within 21 days after such service, appeal to the Valuation Review Board in the manner provided in section 29.
[25/63]
(5)  Notwithstanding that an appeal has been made to the Valuation Review Board pursuant to subsection (4), there shall be payable to account of tax in respect of the property a sum calculated at the prescribed rate of tax on the basis of the proposed annual value thereof; and such sum shall be payable and recoverable in the manner in which taxes are payable and recoverable under this Act.
[24/73]
(6)  Where notice of proposal to amend has been given by the Chief Assessor pursuant to subsection (2) —
(a)if no notice of objection is lodged within the prescribed time, the Chief Assessor shall cause the Valuation List to be amended to include the property in accordance with the notice of proposed amendment;
(b)if a notice of objection is lodged within the prescribed time, the Chief Assessor shall, if no subsequent notice of appeal is lodged, cause the Valuation List to be amended to include the property in accordance with his decision upon the objection;
(c)if a notice of appeal is lodged within the prescribed time, the Chief Assessor shall cause the Valuation List to be amended to include the property in accordance with the decision of the Valuation Review Board.
[25/63]
(7)  Any amendment made pursuant to subsection (6) (a), (b) or (c) shall be authenticated in such manner as the Chief Assessor thinks fit and shall be effective from the date contained in the notice of proposal to amend.
[25/63; 46/96]
(8)  Where notice of proposal to amend has been given by the Chief Assessor pursuant to subsection (2) after the Valuation List for the ensuing year has been closed for public inspection but before it comes into operation and if no notice of objection is lodged against the proposal within the prescribed time, the Chief Assessor may, without notice to the owner, cause the Valuation List for the ensuing year to be amended in accordance with the proposal in the notice.
[6/82]
(9)  For the purposes of this section, the Valuation List shall be deemed to be inaccurate in a material particular where —
(a)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 —
(i)the rental obtained from a tenant in respect of a property previously vacant or previously occupied by the owner;
(ii)the increased or decreased rental obtained in respect of the letting out of that or similar property; or
(iii)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);
(b)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;
(c)any new building is erected or any building is rebuilt, enlarged, altered, improved or demolished;
(d)property, not exempted from the provisions of this Act, has not been included in the Valuation List; or
(e)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.
[24/65; 4/87; 46/96]
(10)  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.
[24/65]
(11)  For the purposes of this section, a “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.
[24/65]