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Property News

Govt cuts property tax by 25% for affordable homeowners in Kuala Lumpur, introduces ‘Madani Neighbourhood’ initiative

KUALA LUMPUR (June 26): The government has decided to reduce property assessment tax by 25% for affordable housing owners in Kuala Lumpur starting in the second half of this year.
This is to reduce the burden of living cost for the bottom 40% (B40) and middle 40% (M40) income groups in the city, said Prime Minister Datuk Seri Anwar Ibrahim in a statement on Friday (June 23).
According to the Prime Minister, the discount will affect more than 25,000 owners under the Rumah Mampu Milik Wilayah Persekutuan (Rumawip), Perbadanan PR1MA Malaysia (PR1MA), Perumahan Penjawat Awam Malaysia (PPAM) and regional residency housing in the city.
“This assessment tax reduction benefits 25,677 owners of affordable houses involving a reduction in tax revenue of RM2.07 million in Kuala Lumpur,” he said, adding that this initiative is for the affordable housing that has been completed after 2014 until now.
A township specially for the M40, B40 and hardcore poor
At the same event, Anwar announced the formation of the Federal Territory Madani Neighbourhood (Kejiranan Madani Wilayah Persekutuan) initiative, a township development targeting those in the middle 40% (M40), B40 and hardcore poor in the capital city.
In a speech, Anwar said the township that will be developed will have affordable housing priced for different income groups. They are:
1. Residensi Prihatin MadaniFor those in the M40 income bracket with a monthly household income of less than RM7,000, these units will be 800 sq ft in size and priced at RM200,000 each.
2. Residensi MadaniFor the B40 category with a household income of less than RM5,000 per month, each of these units will measure 750 sq ft and be priced at RM150,000.
3. Residensi Sejahtera MadaniFor singles who are just starting their working life and newly wedded couples between the ages of 21 and 30 — with a household income of less than RM4,000 per month — these units will be 750 sq ft in size and priced at RM150,000 each.
Those who can’t afford to buy any of these units will be offered rental units in the Madani Neighbourhood, Anwar said, under two different rental schemes — the Rumah Majlis Madani and the Rumah Ihsan Madani.
The first scheme will be offered to those in the M40 and B40 income groups at a rental rate of RM600 per month for five years. The units will be of 700 sq ft in size, and will have three rooms.
Under the second scheme, those in the B40 income group and hardcore poor can rent three-room units measuring 700 sq ft in size at a rental rate of RM300 per month.
Homes in the Madani Neighbourhood cannot be resold to others for the purpose of making profits, Anwar said.
If the owners would like to sell the units, only Kuala Lumpur City Hall can buy them, he said.
“I am very confident that this approach is more balanced and will be able to address the issue of home ownerships in Kuala Lumpur for the middle income M40, and low income B40 group,” he added.

Source: EdgeProp.my

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