No need to worry too much, we just pay when the bill comes; we will usually give them the benefit of doubt to the relevant dept who issues the bill, unless we are a developer... but I think it's quite unlikely to be wrong by too much.
Anyway, this link might help in some ways:
http://malaysia.angloinfo.com/money/general-taxes/property-taxes/
Property Taxes in Malaysia
Information about the property taxes - assessment tax, quit rent, stamp duty and real property gains tax paid by home owners and tenants in Malaysia...
Property Tax
Property tax is payable on all property including shops, factories and agricultural land. Local jurisdictions are responsible for collecting property tax, which varies depending on the jurisdiction.
Assessment tax: A local property tax, which is based on the annual rental value of a property. It is determined by local authorities, generally at a rate of six percent for residential properties and is payable in two instalments annually.
Quit Rent: A local property tax, which applies to all properties and is calculated on an annual rate of one to two sen per square foot. Quit rent liability is generally less than RM 100,00 annually.
Real Property Gains Tax
There is no capital gains tax in Malaysia; however, real property gains tax (RPGT) applies to properties sold less than five years after purchase. Those sold less than two years after purchase are subject to ten percent RPGT and those sold between two and five years after purchase are subject to five percent RGPT.
•For more information about RGPT from the Malaysian Investment Development Authority: Click here
Stamp Duty
When purchasing a property, stamp duty must be paid on the Memorandum of Transfer. Stamp duty is based on the purchase price:
•For the first RM 100,000, stamp duty is one percent
•For the next RM 400,000, stamp duty is two percent
•Anything over RM 500,000, stamp duty is three percent
There are penalties for the late payment of stamp duty.
•For more information about stamp duty: Click here
Anyone knows how to calculate these expenses? Also, any other expenses to factor in???
