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Mr. Michael Spicer
To ask the Secretary of State for the Environment what account will be taken in determining property values for the purposes of the uniform business rate and the council tax of the recent fall in the market price of property.
Mr. Portillo
New non-domestic rateable values will come into force on 1 April 1995. It is proposed that these rateable values be based on market rents as at 1 April 1993.
The valuation of domestic properties for the council tax is now under way. Properties will be valued on the basis of open market capital values as at 1 April 1991.