In 1689, in 1690 and in 1691, great sums had been raised on the land.

At length in 1692 it was determined to draw supplies from real property more largely than ever.
The Commons resolved that a new and more accurate valuation of estates should be made over the whole realm, and that on the rental thus ascertained a pound rate should be paid to the government.
Such was the origin of the existing land tax.

The valuation made in 1692 has remained unaltered down to our own time.

According to that valuation, one shilling in the pound on the rental of the kingdom amounted, in round numbers, to half a million.

During a hundred and six years, a land tax bill was annually presented to Parliament, and was annually passed, though not always without murmurs from the country gentlemen.