Mr. Tim held an apartment in Tai Koo Shing that was let on 1 June 2019 to Mr. Pang for a term of 2 years at a monthly rent of HK$30,000. Initial premium of HK$45,000 and rental deposit of HK$60,000 were paid when signing the lease agreement. The rental deposit is used for compensation of any loss of revenue when there is any defaults in payment of the rent. A property agency fee for letting the property, equivalent to half of the monthly rental, was also paid on 10 June 2019.

During the year ended 31 March 2020, Mr. Tim incurred bank mortgage interest of HK$120,000. The property was refurbished at a cost of HK$12,000 in September 2019 and it was paid by Mr. Pang. Mr. Tim paid the rates of HK$2,700 per quarter. The rates were increased to HK$3,000 per quarter effective from 1 October 2020.

Mr. Pang failed to pay any rents starting from 1 November 2019. He moved out of the property on 31 May 2020 without leaving any contact details. IRD accepted that the outstanding rent has become irrecoverable on 30 June 2020.

Required: Compute Mr. Tams property tax liability for the year of assessment 2019/20 and 2020/21, assuming that he does not elect for personal assessment for the year. Ignore provisional property tax.