Yangon regional government plans to set official benchmark property price for properties in Yangon for 2018 – 2019 (U Myint Thaung, Regional Minister of Planning and Finance)

The Yangon Regional Government will this month begin conducting property valuations to set an official benchmark price for properties in Yangon , said U Myint Thaung, Regional Minister for Planning and Finance.

“We will value the properties based on demand and supply in the various townships, wards and streets of Yangon Region at the beginning of the fiscal year. This is how we set the market price for property in 2017-18,” he said.

Setting an official market price for property will make it easier for buyers and sellers to determine the amount of stamp duties and other property taxes to be paid. 

U Myint Thaung was responding to questions raised during a recent regional parliament session. 

He added that the Yangon government is amending and refining its methods and procedures for accurate valuations. 

He said each township’s tax office is responsible for collecting data and information to help calculate the current market price of its real estate. The valuation process is discussed with representatives from 11 departments, including the Yangon City Development Committee, Internal Revenue Department, Land Records Department and Valuation Board in Yangon. The final valuations are then submitted to the Yangon Regional Government.

The related townships Tax offices and the real estate groups of Yangon Region collect the information about the current prices of real estate. Then, they discussed with the representatives of 11 departments including YCDC, Internal Revenue Department and Land Records Departments who are also the members of Price Valuation Board for land, buildings, factories and workshops in Yangon. They set the properties prices by submitting to Regional Government, said Minister U Myint Thaung. 

“We set the prices once in a year. Parliament then approves the appropriate tax rates for the properties,” he said.

(The Myanmar Times: https://www.mmtimes.com/news/yangon-government-set-benchmark-property-price-2018-19.html )

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