Man­dalay pub­lishes prop­erty tax brack­ets

The Myanmar Times - - Business - PHYO WAI KYAW phy­owaikyaw@mm­times.com

IT’S of­fi­cial – Bil­lion­aires’ Row in Man­dalay is be­tween 81st and 84th streets.

Prop­erty tax rat­ings for the cur­rent fis­cal year is­sued by the Man­dalay re­gional govern­ment – com­pleted in June but re­leased only sev­eral months later – put tax rates for those blocks at be­tween K21.6 bil­lion and K23.4 bil­lion per acre.

The city will ap­ply the rates to real es­tate trans­ac­tions.

Though high, some valuations for New City and down­town are slightly lower than last year.

Tax rates for Theit­pan Road in New City area 1 have been set at K18.9 bil­lion to K19.8 bil­lion per acre from 60th Street to West Min­galar Man­dalay Yay Ni Myaung. Last year, the rates were from K18 bil­lion to K25 bil­lion per acre.

Other than the down­town blocks be­tween 80th and 84th streets, the high­est-rated ar­eas are 26th Street (be­tween 82nd and 86th streets), rated at K13.5 bil­lion to K14.4 bil­lion per acre, 78th Street (be­tween 35th and 36th streets), at be­tween K17.1 bil­lion and K18.9 mil­lion, 30th Street (be­tween 80th and 83rd streets) from K13.5 bil­lion to K14.40 bil­lion, and K19.8 bil­lion to K21.6 bil­lion per acre be­tween 35th and 78th streets.

Trans­ac­tions val­ued at up to K30 mil­lion will be taxed at 15 per­cent, ris­ing to 20pc for deals be­tween K30 mil­lion and K100 mil­lion, and 30pc for sales above K100 mil­lion.

“Some real es­tate prices are still fall­ing. The new spec­i­fi­ca­tion rates are too high for the ac­tual prices. It cre­ates dif­fi­cul­ties for tax­pay­ers,” said U Wunna Soe, of Pho La Min Es­tate Ser­vices yes­ter­day.

– Trans­lated by Khant Lin Oo

Photo: Phyo Wai Kyaw

Traf­fic rolls down Theit­pan Road in Man­dalay’s New City area.

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