Taipei's real estate tax to rise on select properties
By John Liu ,The China Post
April 2, 2014, 12:01 am TWN
TAIPEI, Taiwan -- The Taipei City Revenue Service is set to make adjustment to the “road section rate,” which will result in higher real estate tax.
The road section rate is a factor used by the government to calculate real estate tax. The rate is proportional to economic development, business activities and the prevalence of public transportation along each road sections.
The adjustment will be put into effect in July, and will apply to 99 road sections, including some located by the MRT Xinyi Line, as well as several commercial districts, night markets and business districts.
After the changes are implemented, it is estimated that a higher real estate tax will be exacted on about 66,000 properties, resulting in an average 9-percent increase on real estate tax collection in May next year.
For instance, the road section rate of Yongkang Street is set to increase by 10 percent this year. As a consequence, tax payments exacted on a 50-ping property will increase from NT$37,000 to NT$41,000. (One ping equates with 36 square feet.)
The road section rate is set to increase 50 percent in certain parts of Taipei's Zhongshan District where many upscale apartments are located. As a result, the real estate tax will grow from NT$44,000 to NT$65,000.