 In addition to the requirement of valuing tenements as at the valuation reference date, the Rating Ordinance provides that the rateable value be ascertained on the assumptions that

(a) the tenement was in the same state as at the time the list comes into force;

(b) any relevant factors affecting the mode or character of occupation were those subsisting at the time the list comes into forces; and

(c) the locality in which the tenement is situated was in the same state, with regard to other premises situated in the locality, the occupation and use of those premises, the transport services and other facilities available in the locality and other matters affecting the amenities of the locality, as at the time the list comes into force.Therefore, if the valuation reference date is 1 October and the date the list comes into force is 1 April of the following year, the valuer is required to assess the rateable value as at 1 October assuming the same physical state of the tenement as at the next 1 April.General changes in rental values after the designated valuation reference date will not be taken into account.