Residential property owners need to register their primary residences by the end of this month to avoid a higher tax rate on rental properties, the Taipei City Revenue Service yesterday said.
The announcement came at a meeting in which the details of the implementation of the city’s increases in property tax rates were announced.
The new tax rates were officially passed by the Taipei City Council last Thursday. They represent Taipei’s response to the passage of new property tax standards by the Ministry of Finance last June, under which local governments gained more flexibility to set rates, Taipei Revenue Service director Huang Su-jin (黃素津) said.
Under the new rates, property taxes are doubled to 2.4 percent if the household owns one or two rental properties and tripled if it owns three or more.
Huang said that under the new rule, homeowners are allowed to declare three primary residences, with any remaining residential properties subject to higher tax rates.
She said that homeowners have until the end of this month to declare primary residences.
Any properties not declared as primary residences by the end of this month would automatically be subject to the higher rates and to back taxes dating from July of this year, she said.
Taipei Deputy Mayor Chang Chin-oh (張金鶚) said the increase in rates is intended to punish owners who “hoard” property, encouraging them to release homes onto the market.
However, the changes would likely only have a limited impact given the low baseline according to which most of the city’s residential properties are taxed, he said.
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