Tuesday, Jul 27, 2010
A tax "levied on people with multiple homes" - now there's an idea!
Property Wire: Property tax of up to 1% likely for major Chinese cities by 2012
A property tax trial is expected to be introduced in parts of China in 2012 with Shanghai likely to be the first city to introduce the new levy. If it is successful it could be introduced across the country. The mayor of Chongqing said the city wants to impose a 1% tax on homes that are three times the average market price. Premier Wen Jiabao has already restricted loans to real estate developers and imposed higher interest rates and down payments for second mortgages to help cool surging property prices that rose by records in some cities in the second quarter. The tax could generate 120 billion yuan ($17.7 billion) of revenue annually for the government nationwide based on a rate of 0.8% of the market value of properties and levied on people with multiple homes.
3 Comments
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1. Exiges said...
They will pass that 1% onto the people renting it, not so clever then.
2. tom101 said...
They do this in France I believe.
3. mark wadsworth said...
Another small step in the right direction.