About 3,000 more homes will fall under rent control tomorrow when the new draft valuation list for annual rental values is published.

Government last month hiked the ARV level for properties coming under rent control to conform with the new list and in doing so said it would add 3,000 more residences to the 12,900 currently falling under rent control laws.

The draft valuation list showing the new ARVs and the new land tax rates is published today.

It will show sharp rises in property in and around Hamilton. Smaller homes which will see a sharp spike. However the Ministry of Finance has announced new tax rates and bands to alleviate the tax effect of the increased ARVs and the majority of residential properties will get a reduction in their land tax bills.

Currently, any home with an ARV of less than $16,200 is liable for rent control. Under the new law and new valuations, any homes with an ARV of less than $24,600 will be liable.

Government said last month that rents for the properties falling under rent control for the first time would not fall as a result of the change.

However, landlords whose premises will be coming under rent control for the first time will be required from January 1, 2005 to seek permission from the Rent Commissioner to increase their rents before charging their tenants.

And landlords will also have to follow the procedures set out under the Act for evicting tenants.

The Draft Valuation List is a list of all properties assessed for land tax purposes and comes into effect for tax purposes on January 1, 2005. It replaces the current 1999 Valuation List.

The Land Valuation and Tax Act 1967 requires all properties are revalued every five years at the same time to maintain equity in the valuation list and the new list is based on those revaluations.

The Land Valuation Officer said changes in property values change are not uniform with some properties and areas rising more than others.

Since the last revaluation the demand for residential property has been very strong which is reflected in both rental values and sale prices.

The substantial increase in executive rents in the mid 1990s was reflected in the 1999 revaluation.

These rental increases have now permeated through all levels of the residential market.

?While we have not seen such dramatic increases in the top end rental market since the last 1999 revaluation, the demand for apartments and cottages has resulted in substantial increases in this end of the market particularly in properties close to the City of Hamilton.

?The result is while executive type homes have increased around 20 percent in ARV, the smaller residential units have increased in the range of 25 to 40 percent depending on location and property type.?

In the commercial rental market, strong demand for office, warehouse and workshop space has resulted in increases in rents over 30 percent since 1999.

The retail sector has not reflected such strong demand with increases around 25 percent more typical.

The list, prepared by the Land Valuation Department is accessible on the department?s website at www.landvaluation.bm and will be available from all Post Offices from today.

Taxpayers who believe their entry in the 2004 Draft Valuation List is incorrect have from December 31, 2004 until June 29, 2005 to object.

Forms are available at the Land Valuation Department on the second floor of Global House, 43 Church Street, Hamilton.