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June 28, 2017

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House and land value tax could rise by 2013

Ministry of Finance (MOF) Minister Chang Sheng-ford (張盛和) yesterday admitted that the MOF had sent official documents to local governments, demanding that they raise the current land value where doing so will increase revenues. Rising assessed land value will lead to an increase in house tax and land value tax revenue.

After the amendment of an act governing the distribution of government revenue, local governments are expected to gain NT$43.8 billion every year, but local government officials said that they still need more.

Taipei City Government Department of Finance Deputy Commissioner Chen Hwei-pin (陳惠平) said that since the tax upon luxury homes does not add much revenue for the city government and has received strong opposition, the city government will gradually adjust the assessed land value to make ends meet.

New Taipei City Government Department of Finance Commissioner Lu Wei-chin (呂衛青) said that the city government adjusts, in accordance with law, the land value once every three years based on the city's development. The City government made the adjustment this year. Lu estimates that approximately half of homes in the city will be affected.

Taichung City Government Department of Finance Commissioner Li Jin-er (李錦娥) said that the city government will conduct studies based on the existing economic conditions, notably whether its citizens can afford the changes.

Tainan City government said that they will make adjustments based on an assembled committee.

Kaohsiung city government stated that they will consider adjusting the assessed land value as well.

Chang said that the adjustment of assessed land value is necessary. He took New Taipei City as an example, saying that the city government classified different sections in the city into different categories based on its level of development and set assessed land prices accordingly. He said this method is scientific. He encouraged all major cities to follow these steps and to manage their daily affairs scientifically.

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