The Penang Municipal Council has decided the reduce the annual property value (APV) for One World and One Sky small office/ home office units by 10%.
Council Financial Management Committee alternate chairman Joseph Ng Soon Siang said the 10% APV reduction had no bearing on the property’s 10.3% annual assessment rate.
“We reviewed only the APV. The 10.3% assessment rate for commercial property stays,” said Ng.
He urged buyers of commercial property to be prepared to pay commercial rates.
“Future buyers should know what property they are buying so they can know the category of their assessment,” he told reporters after the full council meeting at City Hall yesterday.
He said One World and One Sky residents were told at the dialogue session between the council and the residents committee on April 11 that the council’s decision would be final.
Owners of the 538 units in Bayan Baru, Penang, had been disputing the APV determined earlier by the council.
They had claimed that the APV was very high compared to that of some other commercial units in the municipality.
Citing the example of a commercial centre in Bukit Jambul, spokesman Brandon Oon said the APV there was just RM3,100 for a 730sq ft unit.
This was lower compared to theirs which was between RM22,800 and RM28,000 for units from 1,160sq ft to 1,450sq ft in size.
Oon said owners were willing to pay the assessment rates but felt that the APV was unjustified. - By Jolynn Francis (The Star)
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