GEORGE TOWN, Sept 19 — Starting January 1, Penang property owners will face an increase of 16 sen per sq metre in quit rent after the state government revised the rates to boost revenue, Free Malaysia Today (FMT) reported.
At present, homeowners are charged RM0.54 per sq metre, but a minimum of RM70 per lot will now apply in urban areas such as Bayan Baru, Jelutong, Tanjong Bungah and Bukit Mertajam.
Chief Minister Chow Kon Yeow said about 370,000 land title holders would be affected by the revision, which also comes with an assurance of no further hikes for the next ten years.
“This (delay) has deprived the state government of an increase in revenue for a long time. Tax arrears and leakages in quit rent collections have also increased as tax data adjustments could not be done comprehensively,” he reportedly told FMT.
Chow, who also chairs the state finance, economic and land development committee, said the new rates would help raise about RM200 million in 2026, to be channelled into welfare programmes and cost-of-living aid.
For country land, the rate has gone up from RM0.22 to RM0.50 per sq metre with a minimum of RM50 per lot.
The news report further stated that industrial properties will now be charged RM3.25 per sq metre compared to RM1.29 previously, regardless of their location.
Business premises will see revised charges of RM3.25 per sq metre in towns and RM2.80 per sq metre in rural locations, with a minimum of between RM280 and RM325 for land under 100 sq metres.
To cushion the impact, a 32.5 per cent rebate will be offered next year, followed by 20 per cent in 2027 and 2028.
The state has also approved a full waiver of penalties on quit rent and land tax arrears from January 1 to December 31 next year.
Additionally, a 50 per cent discount will be granted on premiums for converting land from agriculture to residential use, as part of efforts to encourage title conversions.
