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Property tax to expand

(Global Times)

08:32, December 09, 2011

The ongoing property tax pilot projects in Chongqing and Shanghai are expected to be expanded to more cities, the Xinhua-affiliated China Securities Journal reported Wednesday.

The overall direction for advancing property tax has been decided, but it is still not the right time to expand it to the whole country, Jia Kang, director of the Research Center for Fiscal Science, a think tank under the Ministry of Finance, said in an interview with the newspaper.

Chongqing imposed taxes on villas and high-end apartments starting early this year.

In Shanghai, newly-bought second and second-plus homes of permanent residents are taxed if the average total floor area of all homes owned is more than 60 square meters per family member. All new homes bought by non-permanent residents are taxed.

The most important task of the property tax measure is not to generate financial revenue, but to structure the economy and society, and its pivotal role as a financial source will also gradually emerge, said Jia.

Property tax has had positive results, said Jia. The trade volume of high-end property has dropped by 28 percent in Chongqing, while tax rate gaps for housing in different areas have boosted property sales in Shanghai's suburban areas.

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dyangu at 2011-12-14131.107.0.*
Good! All developed countries have property tax because it is a very fair tax on the rich. I wish China started this years ago. Then maybe prices today won"t be so high and investors won"t buy and leave it empty because it will cost them money every year.
  

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