The Rating (Exemption) Order 2023 will be gazetted on March 3 to implement the one-off rates concessions proposed in the Budget.

The Budget proposed to waive rates for the first two quarters of 2023-24, with a concession ceiling of $1,000 per tenement per quarter.

About 3.46 million properties stand to benefit, leading to revenue forgone of about $6 billion.

The order will be tabled at the Legislative Council for negative vetting on March 15.