Chongqing will levy a property tax on existing and newly built high-end commercial residential buildings, Shanghai Securities News reported Thursday, citing the city's Mayor Huang Qifan.( r6 A k' m) p" k; V
But Huang did not disclose criteria for "high-end," nor did he reveal the tax rate, the paper said.: Z9 u/ {! Q+ o. o# |
The paper said the southwest municipality is likely to impose a 1 percent tax on housings above 200 square meters, or those valued at three times the price of average housing in the downtown area.% V6 m; X! h! Z! Y8 n$ Q
A previous China Daily report said that Shanghai has gotten the green light for its property tax, though details of the city's tax scheme have not been made public.
; t) o4 U9 q- ?) m1 k6 ` But Chen Jie, vice director of Fudan University's Real Estate Research Center, said there will be three fundamental elements in Shanghai's property tax scheme: the tax will be levied on new buildings only, per capita area between 60 – 70 sq m would be tax deductible, and the tax rate is to be around 0.5 percent to 0.6 percent. |