If you are among thousands of house owners in Kuala Lumpur affected by the hike in assessment rates to take effect next year, you can breathe a sigh of relief. The hike is still set to take effect but Kuala Lumpur City Hall (DBKL) has announced that the quantum of increase has been lowered.
The new rates announced are 10% for commercial properties and 4% for residential properties, down from the current 12% and 6%, respectively.
The annual value of your property will still be increased as stipulated in the notice you have been served but the slashed rates ensures increments do not exceed 10% for residential properties and 35% for commercial properties, according to Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor in a report published by The Star.
Latest DBKL Assessment Rates
For example, a residential property in Taman Desa, Kuala Lumpur which has been valued at RM23,400 will now pay RM936 (at 4%) a year instead of RM1,404 (at 6%), a reduction of RM468.
Further rebates will be available to lighten the added financial burden on selected groups of homeowners. Homeowners who are disabled, retired, or owning a property for occupation can apply for a rebate by providing supporting documents and filling up a form obtainable from City Hall.
“The new rates will not be applicable for low and middle-cost properties and owners will still pay the old rates,” said Tengku Adnan.
What do you think of these new rates? Will the hike still put a strain on your finances?
