Property tax pilots expected in more cities
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E-mail China.org.cn, May 20, 2013
China is expected to increase the number of pilot cities for property tax trails this year, according to China Securities Journal's Monday report.
Property taxes are expected to be levied on housing purchased after the implementation of the trial, said the report.
China's property tax pilot was initiated in January 2011 in Shanghai and Chongqing municipalities.
Shanghai has taxed housing purchases since Jan. 28, 2011, with rates of 0.4 percent and 0.6 percent, respectively, while giving an exemption of 60 square meters per capita for every registered household.
The property tax in Chongqing is levied on homes purchased both before and after the pilot scheme was implemented there, at rates of 0.5 and 1.2 percent, respectively. The property tax there especially targets luxury home purchases
Both cities have raised the tax threshold this year as housing prices kept moving higher in most Chinese cities, the report said.
Analysts regard the expansion of the property tax trials as a long-term boon for China's real-estate market, as they expect administrative regulations to weaken afterward.
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