Mr. Chu let the flat to Mr. Kwok for a three-year lease on 1 July 2019. Mr. Kwok paid to Mr. Chu a premium of $300,000 on 1 July 2019 and a monthly rent of $36,000 which was payable on the first day of each month. Mr. Chu paid the followings in the year of assessment 2020/21: Rates of $2,600 per quarter; Mortgage loan interests of $62,000; Repair costs of $13,500. Required Compute the property tax payable by Mr. Chu for the year of assessment 2020/21. Ignore provisional property tax