The Taipei 101 skyscraper in the capital’s Xinyi District (信義) held on its title as the “King of the Land” nationwide for the ninth consecutive year, with the property valued at NT$6.3 million (US$226,782) per square meter, while buildings in other locations lost value due to the COVID-19 pandemic, the Taipei City Government said.
The changes in ranking and value came after the Taipei City Government adjusted assessed land value for taxation purposes next year. Homeowners have to pay land taxes annually and land value increment taxes upon selling their houses.
The Shin Kong Tower (新光摩天大樓) across the Taipei Railway Station in Zhongheng District (中正) ranked second at NT$6.08 million per square meter, but risks being overtaken by Bellavita Mall, Breeze Xinyi Mall (微風信義) and Cathay Landmark (國泰置地廣場) near Taipei 101 at NT$6.04 million per square meter, it said.
Photo: Hsu Yi-ping, Taipei Times
Land values in Taipei rose by an average of 3.41 percent, led by Nangang District (南港) with a 4.22 percent gain, attributable mainly to improving infrastructure, city officials said.
Neihu District (內湖) also fared strongly, with a 4.1 percent increase, thanks to the presence of major technology firms.
The city government said it would not extend reliefs on land taxes next year as businesses have largely resumed normal operations.
Shihlin District (士林) saw its land value rise 2.26 percent, as it remains affected by a lack of domestic and international tourists, officials said.
For similar reasons, major hotels in Taipei saw their land value decline. The value of Mandarin Oriental Taipei (文華東方酒店) dropped 5.94 percent, while Grand Hotel (圓山飯店) and the Regent Hotel Taipei lost 4.84 percent and 3.89 percent respectively, officials said.
Furthermore, land value in the Shihlin business district weakened 6 percent, while the Wanhua-Ximen (萬華西門) area and Daan District (大安) both slid 2 percent.
As for residential complexes, The Palace (帝寶) remained the most expensive for an 11th straight year at NT$4.65 million per ping (3.3m2), followed by a building in Xinyi District at NT$4.24 million, the city said.
Taipei homeowners will have to pay an extra NT$378 in land taxes next year based on the land value adjustments, officials said.
Property transfers in the city rose 12.36 percent to 30,799 this year, while prices climbed 2.92 percent from a year earlier, suggesting a stable improvement, officials said.
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