Mad already from stock market crash? But how about an explosion of housing?
Bangladesh Government has planned a massive new property tax beginning July 2012. According to reports: any person having more than one house or a flat in metropolitan areas will have to pay the property tax. Rate? It has not been officially disclosed yet but, the Daily Star reports:
|February Fireworks over Dhaka's Super Hot Real Estate Skyline!!|
In the Eve of World Cup Cricket, Feb 2011
“.. said an NBR high official adding that the property tax will be two to three percent of the value of a taxable property.”
If this is even close- this will create an unprecedented frenzy in the superhot real-estate market of Bangladesh, which has experienced double digit yearly increase in property valuation for many consecutive years.
A flat owner whose, flat has a valuation of TK 50 Lac (typical lower range in Dhaka) will have to pay TK 1-1.5 Lac yearly in property tax. If the flat is valued at 4 Crore (typical upscale), he will pay Tk 8-12 Lacs per year.(continued in next page...)