China to expand property tax policy
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E-mail China.org.cn, August 21, 2012
China will expand its property tax policy to Central China's Hunan and Hubei provinces, the Land and Resources Daily said on Aug 20.
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New home prices rose month-on-month in 50 cities out of the 70 monitored major Chinese cities in July, up from 25 in June, according to the National Bureau of Statistics. [File Photo] |
Citing an unnamed source from the State Administration of Taxation, the newspaper said the expansion of the property tax policy is being finalized. The paper did not say when the policy would be implemented.
Second homes and further property bought in Hunan and Hubei provinces will be subject to a tax, with a tax rate which is not expected to be high. The tax will be based on the market valuation of the property, rather than its original value.
Until now, the pilot property tax policy is limited to Shanghai and Chongqing. Tax on those cities is based on the property's original value.
The recent housing price rebound has fueled calls for expansion of the property tax policy, which is expected to curb the number of homes investors buy.
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