§ 57. Sir M. Stoddart-Scott
asked the Secretary to the Treasury upon what basis local authority water undertakings have been valued for rating revaluation; and why the Leeds City Waterworks, situated in the Wharfedale rural district, have only increased in value by 16 per cent., whilst all other property has increased by over 100 per cent., council houses by 250 per cent., and farms and semi-detached houses by 300 per cent.
§ Mr. Barber
Statutory water undertakings are valued for the new rating valuation lists by a formula prescribed by the Rating and Valuation Act, 1961.
The rateable value of the Leeds City Waterworks as a whole in the 1963 lists is 83.7 per cent. more than its value in the current lists. In apportioning this value between different rating authorities as required by the 1961 Act the valuation officer has had to revalue all the works of the undertaking: the effect has been to reduce the share of the total rateable value apportioned to the Wharfedale Rural District. In comparing percentage increases it should be remembered that unlike water undertakings dwellinghouses have hitherto been valued on 1939 rentals and industrial premises have had the benefit of 50 per cent. derating.