The announcement of the new assessed rates applies to property transactions, the government said.
The new maximum rate is a sharp increase from the K10.20 billion set last year.
Based on the new rate, the value of properties west of Mandalay’s Chan Aye Tharzan township on 84th street, between 25th and 35th, rose from K17.28 billion to K18.72 billion an acre.
Mandalay Myothit area also saw a hike, with properties on 62nd street in Myothit 1 ward in Chan Mya Tharsi township ranging from K12.2 billion to K12.9 billion an acre.
On the other hand, properties on 62nd street, between Ngu Shwe War road and Manaw Hari road, range from K9.3 billion to K10 billion an acre.
“Only those who need a home are purchasing property, not those who buy them as investments,” said real estate agent U Aung Win from Myothit.
“There are few transactions of high-end properties. When the assessed value of property rises, people are reluctant to transfer ownership,” he said.