An act to cut taxes and other incentives for property owners to encourage urban renewal was yesterday approved by the Executive Yuan.
“There are many residential buildings that are more than 30 years old in the nation, with up to 40,000 buildings rated as dangerous that house thousands of people,” Deputy Minister of the Interior Hua Ching-chun (花敬群) said.
Under the act, a reconstruction application of those buildings can be approved in two months in a streamlined review process, without it being subject to the standard review process required for larger urban renewal projects.
The act offers property tax breaks and floor space incentives, and homeowners participating in urban renewal projects within five years after the act is promulgated are entitled to a 50 percent reduction in housing and land taxes for two years after the completion of the project, provided they do not sell their new properties.
After the two-year concession period, participants can still enjoy a 50 percent cut in housing taxes until the properties are sold.
The act also rewards property owners with increased floor area ratios — the ratio of a building’s total floor area to the size of the plot of land on which it is built — and a site can be redeveloped up to 130 percent of its original ratio.
To encourage wider participation, people applying for reconstruction within three years after the act is promulgated will be rewarded with an extra 10 percent floor area ratio.
The government will also activate an urban renewal fund to offer loans to potential participants who have difficulty securing reconstruction funds.
The draft was formulated as owners of aging buildings are reluctant to participate in urban renewal projects, because construction laws are stricter than earlier regulations, or because negotiations of renewal projects often fail due to a lack of government assistance, the ministry said.
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