c. Mr Kwan is the owner of a property at Central. The property was let to Mr Yan for many years under the following terms:

(a) Monthly rent: $12,000

(b) Rates: $3,500 per quarter payable by Mr Yan

(c) Management fee: $1,000 per month payable by Mr Yan

(d) Property tax: borne by Mr Yan Due to the renovation of the property, Mr Kwan agreed to reduce the monthly rent to $8,000 from 1 October 2020 to 30 September 2021 but Mr Yan had to pay the renovation expenses of $30,000. Other terms of the lease remained unchanged. Mr Yan agreed to the changes. Mr Yan paid property tax of $20,000 for the property during the year ended 31 March 2021.

Required: Compute the net assessable value of Mr Kwans property for the year of assessment 2020/21.