Topic: valuation and lawOrder DescriptionAPRO712Valuation and LawCoursework – Local TaxationHAND IN DATE 07.00hrs 3rd May 2016By TurnitinAnswer both questionsQuestion 1Identify one hereditament with a Rateable Value of over £75,000 within Greater London but not within the Corporation of the City of London boundary.a. Calculate the rates which should be payable for this hereditament each year from 2009 to 2015 and clearly explain your calculations.b. Estimate your opinion of the 2017 Rateable Value and provide full reasons for this opinion.c. Calculate the 2017 rates payable for your chosen hereditament assuming the same phasing allowances as applicable to the current list.Remember: always to state the relevant law, and to support your arguments with reference to statutory or judicial authority where available and appropriate. It is not necessary to write out at any length the facts of a case you are citing as authority for a point you are making; just extract the relevant principle, or, as appropriate, the factor which ‘distinguishes’ that case from the facts in the case you are considering.Question 2The Chancellor has announced that there will be a review of Local Authority financing.Provide your considered and reasoned opinion on changes to the current Local taxation systems which you think should be introduced.