 ‘Tone of the list” was introduced into rating law in Hong Kong in 1973.This legislation was based on the concept that the rateable value resulting from an interim valuation shall not exceed the level of rateable value in the valuation list.This concept allowed a rateable value to be determined at a level below the “tone” if there was a decline in rental levels during the period from the date the valuation list came into force to the time of the interim valuation.