The Impact of Increased PBB Rates on the Residential Property Market

The pressure on the government to reconsider the increase in Land and Building Tax (PBB) rates persists, following the enactment of Law Number 1 of 2022 concerning Financial Relations between the Central Government and Regional Governments (UU HKPD) on January 5, 2024.

Yanita Petriella

14 Feb 2024 - 19.47
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The Impact of Increased PBB Rates on the Residential Property Market

The PBB increase could potentially drive up housing prices. - Photo BID

Bisnis, JAKARTA – The pressure on the government to reconsider the increase in Land and Building Tax (PBB) rates persists, following the enactment of Law Number 1 of 2022 concerning Financial Relations between the Central Government and Regional Governments (UU HKPD) on January 5, 2024.

The implementation of the HKPD Law, aimed at harmonizing the management of central and regional fiscal decentralization, is perceived to amplify the economic burden on communities amidst the ongoing recovery from the Covid-19 pandemic.

Article 41 paragraph (1) of the HKPD Law stipulates that the PBB rate in rural and urban areas (P2) should not exceed 0.5%. This marks an increase from the previous maximum rate of 0.3% set by Law Number 28 of 2009 concerning Regional Taxes and Regional Levies.

Article 192 of the HKPD Law stipulates that the implementing regulations of the Law must be determined no later than two years after the Law comes into force.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.