The Taipei City Government yesterday finalized a new tax regulation that will pave the way for the enforcement in July of a higher housing tax targeted at luxury housing.
The new regulation makes Taipei the first local government to hike housing taxes on upscale accommodations and sets a precedent for other local governments to follow.
Owners of about 389 luxury apartment buildings will pay rates that are 1.2 times to 3 times higher than their current levels after the city government significantly raised its appraisal of housing prices to better match their market value during an annual review late last year, according to the city government.
Ninety-five of the luxury apartment buildings that will see higher rates are located in Xinyi District (信義), 68 are in Daan District (大安) and 60 are in Shihlin District (士林).
The buildings were selected based on several criteria, including great location, great views in each unit, parking spaces for each unit, a high level of security and thorough management, Taipei City Department of Finance Commissioner Chiu Da-chan (邱大展) told a press conference.
Chiu declined to discuss the specifics of individual buildings, but he confirmed that the luxury apartment complex on Renai Road, The Palace (帝寶), was on the list.
The property tax rate for The Palace, for example, is NT$625 per ping (3.3m2). With the new tax rate, the largest units in the apartment complex will now pay NT$570,000 compared with the current NT$190,000, Chiu said.
The government would not make the list of luxury apartment buildings public because it would be a violation of laws pertaining to revealing individuals’ personal information, but residents could apply to see if their building is on the list, Taipei Revenue Service Director Hsieh Sung-fang (謝松芳) said.
The annual tax increase for each household in luxury apartment complexes on the list would be between NT$30,000 and NT$60,000. However, some households will pay up to three times their current property tax.
Currently, the housing tax is 1.2 percent for self-use units, 3 percent for commercial establishments and 2 percent for mixed-use facilities. The levy accounts for about 18 percent of the city’s annual tax revenue.
Hsieh said the new tax plan would not have a large impact on the property market because the actual market value of the luxury units far exceeds government appraisals.
Other local governments have said they will consider raising their housing taxes once Taipei adopts the changes.
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