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Chongqing Adjusts Property Tax

By Zhang Xiaohui (张晓辉)
Economic Observer Online
Sep 27, 2011
Translated by Song Chunling
Original Article:

Eight months after first introducing a pilot property tax, the Chongqing tax bureau yesterday published new rules that expand the scope of the tax on their official website. According to the new regulations, as of Oct 1 this year, free-standing commerical residential properties (villas), newly-purchased up-market properties and the second (or additional) residential properties of people who own property in the city but do not work, run a business or have their hukou registered in Chongqing, will all be subject to the property tax.

The new regulations will only apply to properties within the nine main urban districts of the western metropolis.

The tax will be charged at a rate of either 0.5%, 1% or 1.2% respectively, according to the amount paid for the property.

The new regulations also differ from what was announced in Jan in that the new rules will apply to all existing properties that meet the criteria, regardless of when they were purchased, whereas the initial tax only applied to transactions which were completed after the new property tax was announced.

The tax will be calculated and paid annually between Oct 1-31.

Although no official figures have been released, the EO has learned that the Chongqing municipal government has not raised much revenue through the new tax over the past 8 months. This latest move is likely to result in more revenue for the municipal government.


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