| Currently, home owners who demolish
their properties for reconstruction will have to pay
property tax at the rate of 12 per cent on the annual
value of the vacant land. This is generally very much
higher than the annual value of the residential house.
As a concession, I have decided to allow home owners
who rebuild their houses for their own subsequent occupation
a concession during the period when their houses are
undergoing reconstruction. These home owners will be
eligible for the owner-occupier's rate of 4 per cent
on the annual value of the residential house. This concession
will take effect immediately. All home owners who are
presently rebuilding their homes will also be eligible
for the concession. |
