New set of land fees ‘untimely’
The Star Penang 12/4/2005
The high fees involved in land matters and administrative charges are a
disincentive to property transactions and should be reduced.
State MCA legal bureau chairman Lim Boo Chang said the increase in fees
was “bad timing” in view of the current economic slowdown.
“The increase is a reversal of the previous stimulus to encourage growth
in the property market through stamp duty exemption.
“The state should review the new fees schedule for land matters to reduce
the burden on house buyers,” he told a press conference yesterday.
Also present were bureau deputy chairman Khoo Gaik Tee and vice-chairman
Tan Kee Tay.
To get state consent for title transfer of residential property on state
land, Lim said, owners now have to pay the state a minimum of RM100 or
0.1% of the selling price for property valued above RM100,000.
It would cost the owner RM1,000 if the selling price is RM1mil.
Previously, the cost for state consent was a flat rate of only RM20.
The fee for the registration of a land transfer is now RM50 (for land
valued up to RM25,000) RM75 (for land valued above RM25,000 to RM50,000)
and RM125 (above RM50,000 to RM100,000) and goes up based on higher land
value.
Previously, it was RM50 (land valued below RM50,000), RM100 (above
RM50,000 to RM100,000), RM200 (above 100,000 to RM200,000) while land
valued above RM1mil is charged 0.2%.
Lim said registration for the transfer of leases and sub-leases had also
increased from RM40 to RM100 per title.
“We appeal to the state to review the new fees schedule so that the
increases are not too high,” he said.
On a possible review of the quit rent this month, he also appealed to the
state to forgo the review for now.
Last month, the Penang Bar Committee had sent a memorandum to Chief
Minister Tan Sri Dr Koh Tsu Koon to protest the increase in fees for
property title searches and for registration of documents.
The State Land and Mines Office had sent a circular dated March 2 on the
new fees schedule to the committee for dissemination to its members.
Committee chairman V. Sit-hambaram had said the title search fees would go
up by 150% from the present RM20 to RM50, registration of caveats would be
up by 100% to RM200 while the Power of Attorney noting fee would go up by
1,400% from RM2 to RM30. |
| |
|
