2024-2025 Hong Kong Rates and Government Rent Calculator

In Hong Kong, whether you are a tenant or a landlord, as long as you are a ratepayer, you will receive a notice from the Inland Revenue Department every quarter, reminding you to pay rates and government rent. LetsGetHome's Rates and Rent Calculator can help you quickly and accurately calculate the amount due, avoiding unnecessary mistakes and troubles.

Quick Calculation of 2024-2025 Rates and Government Rent

How to Use the Rates and Rent Calculator

1. Enter Property Information: Select the property type and input the rateable value.
2. Automatic Calculation: Click the "Calculate" button. The calculator will automatically compute the total rates and rent payable.
3. View Results: Review the calculation results to understand your rates and rent expenses.

Why Use the Rates and Rent Calculator?

• Simple and Fast: Enter basic property information to quickly calculate the rates and rent payable.
• Accurate and Reliable: The calculator uses the latest government policies and rates to ensure precise results.
• Financial Planning: Understanding your rates and rent expenses helps you better manage your finances.
• Free to Use: Our calculator is completely free and available anytime, anywhere.
• Safe and Confidential: All data is strictly protected to ensure user privacy and security.

Rates and Government Rent Calculation

Rateable Value

The rateable value is the basis for calculating the amount payable for rates. It is estimated by the Inland Revenue Department and is not related to the market rental value of the unit. The Rating and Valuation Department assumes the property is rented annually as of the specified valuation date and estimates the annual rental value. This estimate remains unchanged even if the rental value fluctuates later.

2024-2025 Rates and Rent Collection Rates

• Non-Residential Rates Collection Rate: Rateable Value x 5%

• Residential Rates Collection Rate:

  • For a rateable value up to HK$550,000: 5%

  • For a rateable value over HK$550,000:

    • For the first three quarters of 2024: 5%

    • For the fourth quarter (January to March 2025):

      • First HK$550,000: 5%
      • Next HK$250,000: 8%
      • Remaining Amount: 12%
• Hong Kong Rent Collection Rate: Rateable Value x 3%

Rates and Rent Reductions

Each year, the Hong Kong Inland Revenue Department announces rates and rent reductions. For the 2024-2025 fiscal year, the maximum reduction per rateable property is HK$1,000 for the first quarter (April to June 2024). This reduction directly offsets the rates payable for that quarter, and if the payable rates are less than the reduction, no payment is needed. There are no reductions for the following three quarters.

Rates and Rent Exemptions

The following property categories may be exempt from rates and rent:

• Farmland and related buildings
• New Territories residential buildings used for farmland or farming-related purposes
• Village houses in the New Territories that meet specified area, height, and category requirements
• Property units used for public religious worship and mainly for this purpose
• Property units in rebuilt villages in the New Territories; if redeveloped, they will no longer enjoy the exemption
• Properties with an assessed rateable value not exceeding the specified amount

If your property meets the exemption conditions under the Rating Ordinance, you can apply by mail to the Rating and Valuation Department. Include the property's valuation number, address, reason for the exemption, and contact information.

Rates and Rent Payment Schedule

Disclaimer

The information provided by the 2024-2025 Hong Kong Rates and Government Rent Calculator is for general informational purposes only and should not be construed as legal or financial advice. While we strive for accuracy, we recommend consulting with a professional for specific concerns. LetsGetHome is not liable for any errors or omissions in the calculations.