Thursday, September 21, 2017

Mandalay publishes property tax brackets

It's official – Billionaires’ Row in Mandalay is between 81st and 84th streets.

Traffic rolls down Theitpan Road in Mandalay’s New City area. Photo: Phyo Wai Kyaw / The Myanmar TimesTraffic rolls down Theitpan Road in Mandalay’s New City area. Photo: Phyo Wai Kyaw / The Myanmar Times

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