China City Set to Tax Residential Real Estate
How significant the planned taxes will be in practice remains unclear. Little information about the planned tax in Chongqing has been disclosed, such as at what value the tax will start to be assessed, exactly how the value will be determined, and what the tax rate will be. China lacks accurate data on house ownership, and enforcement of tax collection tends to be lax. Xinhua said the Chongqing municipal government "is rushing to draft a detailed regulation" for the tax. The report provided no further details.
China's Chongqing To Collect Real-Estate Tax On All High-End Homes - Mayor
BEIJING (Dow Jones)--China's southwestern Chongqing city plans to levy a real-estate tax on both existing and new high-end residential properties, Mayor Huang Qifan said Wednesday on state television.
High-end homes are defined as properties that are more than three times the average price in the city, state television reported, citing Huang. It didn't provide further details on the tax