Government-assessed land values in Taichung would increase annually by an average of 1.48 percent next year, with the value of Shin Kong Mitsukoshi Department Store’s (新光三越百貨) in Xitun District (西屯) remaining the highest in the city for the 15th consecutive year, the Taichung Land Administration Bureau said.
The land value of Shin Kong Mitsukoshi’s Zhonggang (中港) outlet would rise to NT$665,000 (US$23,342) per square meter, or NT$2.2 million per ping (3.3m2), up 0.92 percent from NT$2.18 million per ping this year, the bureau said in a statement on Friday.
The Zhonggang outlet reported that revenue in the first 11 months increased 6 percent from the same period last year despite the COVID-19 pandemic
Photo: Chang Ching-ya, Taipei Times
It is likely to exceed NT$20 billion for the whole of this year, compared with NT$19.37 billion last year, company data showed.
Based on the bureau’s statement, the government-assessed land values for the city’s 29 administrative districts would be mostly flat or slightly higher next year from this year, with value adjustments ranging from 0.05 percent to 1.68 percent.
The Beitun District (北屯) would see a marked increase of 7.12 percent compared with the city’s other 28 administrative districts, thanks to land evaluation for rezoning areas such as the 14th rezoning area and section expropriation areas, including the Beitun Depot (北屯機廠) area, the bureau said.
Following the value adjustments next year, the government-accessed land value in Taichung would reach 90.34 percent of the market value, the bureau’s director-general Wu Tsun-chin (吳存金) said in the statement.
Land values assessed by local governments for next year, such as the data released by Taipei City Government on Thursday and the Taichung City Government on Friday, would be submitted to the Ministry of the Interior, which would collect and analyze it, and reach a conclusion regarding the domestic property market’s condition.
In Taipei, Taipei 101 has the highest land value for the eighth consecutive year, at NT$1.83 million per square meter, or NT$6.07 million per ping, the Taipei City Government’s Department of Land Administration reported.
Land value data are important because capital gains levies on property transactions — the land value increment tax — are based on assessed values rather than sale prices, while the data are also used to determine compensation in cases where private land is expropriated by the government for public use.
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