Northern Ireland: Domestic Rating

Currently each domestic property in Northern Ireland is assessed on the basis of its rental value (known as the net annual value) as at 01 April 1976. The basis of valuation is set out in Article 39 and Schedule 12 of the Rates (NI) Order 1977. Each domestic property has been valued in line with comparable properties in the same vacinity. The basis of valuation for domestic properties in Northern Ireland is to change to a rating system based on Capital rather than Rental Values. This means your rates bill will be based on the open market value of your property as at 1 January 2005. These changes come into effect on 1 April 2007. Domestic Rating Comment SRDA campaigns against both these bases in preference to site value only.

Bought for $262,500 in 2003, sold for $95,000 last week

Michelle Singer and Matthew Benns September 17, 2006 ...one-bedroom unit in Cabramatta sold at auction last week for $95,000. In November 2003 it cost $262,500. The mortgagee repossession sale is part of a trend, say real-estate agents and analysts, who are united in the belief falling house prices are more common in Sydney's west than elsewhere in the city. ... prices have come back $40,000 to $60,000 and the talk of interest rate rises terrifies them." "This was an opportunity to buy when the market is depressed...(buyer) as long as the rent comes near or covers the mortgage. Raine & Horne Cabramatta selling agent Vera Wang said: "In a boom-time market, prices go through the roof, nobody cares and nobody holds back. Michael McNamara, from Australian Property Monitors, said: "The drop since the height of the boom in Sydney has only been about 7 per cent, so to get a drop of that amount is highly unusual. However, it doesn't surprise us there's a certain part of the market that has quick sales." Ms Wang said the unit was likely to return $130 a week in rent…She is listing about three mortgagee repossession sales a month…"A lot of people are overcommitting themselves," she said. Macquarie Bank property research analyst Rod Cornish said defaults among mortgage brokers and low-documentation loans were higher than major banks. However, he said Australian Prudential Regulation Authority figures showed the number of loans across Sydney in default with the major banks had begun to rise. "You would expect the price impact on homes would be worse in the outer western suburbs where the rates rises and fuel rises would have a higher impact," he said. Elliott Shiner First National real-estate principal Angela Elliott said: "Everything that is selling now is selling for $40,000 to $50,000 less than it was in 2003. Properties have dropped by a good 30 per cent in value. "You can pick up properties in the Mount Druitt area for $180,000 to $200,000. There are real bargains to be had, but where are the buyers?”

Record number of Iranians get nose jobs.

Saturday Sep 24, 2006

For the whole of Britain 7,000 cosmetic surgery operation have been performed, while one Iranian Cosmetic Surgeon has performed 30,000. “The younger genertion doesn’t have enough work, so they chase girls”. says the surgeon.

News Hour BBC

March against Coca-Cola unit

Thursday, Sep 21, 2006 PALAKKAD: The Plachimada Solidarity Committee and the Anti-Coca-Cola Agitation Committee jointly organised a march on Wednesday to the office of the Ground Water Department here seeking action against the depletion of ground water by Coca-Cola unit at Plachimada. Inaugurating the march, the agitation committee patron Vilayodi Venugopal demanded that the Government take action against the Coca-Cola unit for depleting and polluting the ground water of Plachimada and surrounding areas. Solidarity Committee chairman R. Ajayan said the Ground Water Department notified Chittur taluk as water deficit area prohibiting exploitation of ground water. But the Coca-Cola unit located here exploited ground water indiscriminately depleting the water table. The Hindu ePaper

Monopliconomy thrives on water rights.

Water deals leave farmers in the dry Carmel Egan VICTORIAN water is being bought and hoarded by speculators... with no intervention from governments and water authorities. ...huge volumes of water are being traded and transferred away from districts that impose restrictions during droughts to areas where there are few, if any, controls. ... multimillion-dollar investment corporations to swoop on water as it is sold by desperate farmers. ... companies are estimated to have last year bought 85 per cent of water traded out of the state's largest authority, Goulburn-Murray Water. Timbercorp, a publicly listed company controlled by Melbourne racing industry identities, bought the lion's share and has been accused of manipulating the water market and distorting prices with its aggressive acquisitions. Established 10 years ago, Timbercorp is a multimillion-dollar Managed Investment Scheme (MIS) which entices investors by offering tax incentives against the management fees and establishment costs of large-scale agribusinesses such as hardwood plantations, almond and olive orchards. ...Since water trading began in Victoria in 1994, just under 150,000 megalitres in annual rights have been permanently sold. ...Water brokers estimate that up to 75 per cent of Goulburn-Murray water and up to 100 per cent of Lower Murray water sold this year has been bought by just three licensees — Timbercorp, SAI Teys McMahon and Macquarie Agribusiness. The companies are all MIS programs.

Hanson defends new capital value rating system

13 September 2006 Finance Minister, David Hanson MP has defended the new capital value rating system and reaffirmed his decision not to introduce a maximum limit, explaining that a cap would have to be paid for by other ratepayers. Launched earlier this month, the Northern Ireland Fair Rates Campaign wants household rates to be capped in line with the council tax in Great Britain. The first valuations were sent to householders in Northern Ireland at the start of July, and those who wish to challenge or query their rates estimate have six months to do so. More than 7,000 homeowners have already challenged the rateable estimates of their homes. Not everyone will have to pay all or any of the new charges. More than 175,000 households will pay a reduced rate or no rates at all. If a cap were to be set at a capital value level equivalent to the highest Council Tax Bills in England (those in Band H), it would benefit less than 3,000 properties here - less than half percent of the entire Northern Ireland housing stock. These households would have capital values of around £500,000 and over, as at 2005. Hanson commented: "In making the decision not to introduce a maximum limit, I was conscious that if a cap were imposed I would be asking other ratepayers to shoulder a larger share of the rates burden." Turning to the issue of those on low income, Mr Hanson said: "At present almost 175,000 low income households receive support with paying their rates. The new rate relief scheme aims to assist those just outside the housing benefit thresholds. Around 40,000 households could receive assistance, with on average £270 awarded. I am conscious that many older people may be reluctant to claim this relief for a number of reasons, but I would encourage anyone on low income to apply for this entitlement." Hanson also said that if politicians wished to express their concerns about the changes they could do so as long as they met the devolution deadline on November 24. Northern Island News Comment The economic intelligence of taxing improvements is absent in this article as with most. To tax the building is to fine it's construction, quality renewal and maintenance. The site is where the value of property is stored. This is best reflected when after demolition the vacant land attracts a higher price than when the building was standing. The above revenue measure is politically driven by monopoly privileged interests and is the cause of the slum category.

Northern Ireland: Parties attend meeting on rates

Wednesday, 13 September 2006, 06:54 GMT 07:54 UK Representatives from the main parties have attended a meeting called by the Northern Ireland Fair Rates campaign. It is calling for changes to proposed household rates legislation. UK Unionist leader Bob McCartney, who was at the packed meeting, says people should pay last year's rate plus 10% rather than the new rates."The people are not just going to wear this sort of extortion and they're quite right not to do so," Mr McCartney said. "That is not some sort of breaking of the law "If a law is patently and palpably unfair and unjust and is being used to bully people into a political situation I believe people have the right to peaceably and democratically object." Addressing the meeting in Belfast, Ann Monaghan from the campaign said plans being proposed here will give people a raw deal. She said the legislation which is currently out for consultation "does not provide for a similar system as to what operates in the rest of the UK". Part of the proposed laws leave it up to the assembly or executive to implement measures such as capping or relief for pensioners, she said. "What we're saying is we'll deal with whoever we need to deal with, but we are not going to be stuck between a rock and a hard place. "And we're not going to be treated differently to the rest of the UK," Ms Monaghan said. At the weekend, petitions against the new rating system were signed outside a number of churches in affluent south Belfast. People at both Catholic and Protestant services in the area, where some residents face bills of up to £6,000, were asked to lend their support. The petitions will be handed in to the Northern Ireland Office on Thursday. Cap Launched earlier this month, the Northern Ireland Fair Rates Campaign wants household rates to be capped in line with the council tax in Great Britain. Finance Minister David Hanson has insisted he is determined there will be no cap, but said his decision could be overruled if devolution returned by the November deadline. The first valuations were sent to householders in Northern Ireland at the start of July, and those who wish to challenge or query their rates estimate have six months to do so. More than 7,000 homeowners have already challenged the rateable estimates of their homes. Not everyone will have to pay all or any of the new charges. More than 175,000 households will pay a reduced rate or no rates at all. Anyone who wants to check the value of their home can do so by logging onto the Valuation and Lands Agency's website at www.mycapitalvalueni.gov.uk. Comment While buildings & sites are packaged in one tax, no intelligence can be compiled on land use policy, town planning & infrastructure investment. Regardless of the valuation of an asset, regardless of the amount collected in taxes. The call for capping, then, likely differentials as a compromise, or thresholds even exemptions are political decision which debase statutory land valuation theory. Taxation of buildings is the cause. Therefore both sides in this debate do not know what an economic condition and therefore to the extent to which they are from it. The community of Northern Ireland are further from being ratepayers and are more akin to local government taxpayers as a consequence. Only people and the products of people can be taxed. Only land can be rated.