Shanghai fine-tunes property tax rate

SHANGHAI will levy a property tax at a preferential rate of 0.4 percent on homes priced at no more than 27,740 yuan (US$4,403) per square meter this year, the city's housing watchdog said yesterday.

Last year, the threshold at which the 0.4 percent tax was applied was 26,896 yuan per square meter.

Homes costing more than 27,740 yuan a square meter get a standard rate of 0.6 percent.

The latest adjustment came after the city's statistics bureau said new homes in Shanghai were sold at an average 13,870 yuan per square meter last year.

Under existing rules, the tax on both new and existing homes is at a preferential rate of 0.4 percent if the per-square-meter price of the property is not more than twice the average sale price of new homes in the city for the year before.

Last year, 2.2 percent of new homes were located within the Inner Ring Road and cost an average 55,518 yuan per square meter, according to the bureau. New homes between the Inner and Outer Ring Road, sold at an average 20,667 yuan per square meter, took a 21.2 percent share while the remaining 76.6 percent, costing 10,782 yuan per square meter on average, were sited beyond the Outer Ring Road.

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