Mr. W let property C in HK to Mr. L on 1 April 2007 for a term of two years at a monthly rent of $15,000 payable in advance at the beginning of each month. Mr. W paid rates amounting to $4,000 and $4,500 in the years of assessment 2007/08 and 2008/09, respectively.

Mr. L did not pay rent from 1 January 2008, he explained to Mr. W that he had temporary cash flow problems and would pay Mr. W later. On 1 June 2008, L disappeared. The standard tax rate of the year is 16% and 75% of the 2007/08 property tax is waived.

You are required to calculate the property tax payable by Mr. W for the years of assessment 2007/08 and 2008/09.