GEORGE TOWN, May 21 — New quit rent rates will be implemented from January 1 next year, Penang Chief Minister Chow Kon Yeow announced today.

He said the state’s land and mines office, along with the land office, is currently reviewing quit rent rates for all registered land titles in Penang.

“This process involves 373,109 land titles across the state,” he said in a written reply to Lee Boon Heng (PKR–Kebun Bunga) during the state legislative assembly session.

Chow added that the review process will continue until the end of the year.

“This administration has proposed several options for new quit rent rates, which are now under consideration by the state executive council,” he said.

He noted that the state executive council has yet to approve the proposed rates.

“The new rates are scheduled to take effect next year, but they have not been finalised,” he said.

Chow also said first-grade land titles in Penang will be included in the review.

“There are 197,412 first-grade land titles in the state, making up 52.35 per cent of the total land titles,” he said.

He explained that the quit rent rates for first-grade lands are currently based on their usage, but the existing rates do not reflect the actual value, resulting in revenue losses for the state.