What are rates and property assessments?
The locals call it mui poi soy (door number tax). Rates levied by the local government, such as the Penang City Council (Majlis Perbandaran Pulau Pinang, or MPPP), make up 6o% to 70% of its total revenue. Rates are charged on various types of properties as a percentage of the annual value (the amount of rent the property can fetch in a year) regardless of whether the property is rented out or not. To make an assessment of the annual value, the valuation department of the MPPP undertakes a valuation exercise every five years or so.
What are the current rates?
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