Wed, Jan 12, 2011 - Page 12 News List

Taipei to stick to tax plan on luxury homes

By Mo Yan-chih  /  Staff Reporter

The Taipei City Government yesterday said it would stick to its plan to raise taxes on about 389 luxury apartment buildings in the capital to align the rising market value of homes in the city.

The luxury apartment complex on Renai Road called The Palace (帝寶) was on the list, Taipei Mayor Hau Lung-bin (郝龍斌) said.

“The Taipei City Government took the initiative last year and proposed to hike taxes on luxury apartment buildings,” he said after inspecting a construction site in Taipei.

The city government is scheduled to hold a meeting today to discuss the tax and the list of taxed luxury apartments, Taipei City’s Department of Finance Commissioner Chiu Da-chan (邱大展) said.

The city plans to raise taxes on upscale homes by between 1.2 times and 2.8 times their current rates, depending on their location and government-assessed value.

The property tax of The Palace, for example, is NT$625 per ping (3.3m2). The tax for the largest unit of the apartment complex will rise to NT$570,000 from the current NT$190,000, Chiu said.

The annual tax increase for each household would be between NT$30,000 and NT$60,000. Some households will pay up to three times their current property tax.

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