 In November 1998, the Government announced that new valuation lists would be prepared to take effect from 1 April 1999 and revaluations would thereafter be conducted on an annual basis.Rating did not apply to the New Territories until 1935, when a modified form of rating based on the capital value of the buildings was introduced to certain areas (Yuen Long and Tai Po in 1935 and Tai Po in 1937) in the New Territories, where certain benefits were granted in the way of street lighting, drainage, water supply etc.This special rating system for the New Territories was replaced in 1955 by the extension of the urban rating system.