Date: Dec 01, 2016
By: Chen Wei-han / Staff reporter
The government plans to roll out floor space incentives and property tax breaks to encourage urban renewal, Minister of the Interior Yeh Jiunn-rong (葉俊榮) said yesterday, following reports that the Executive Yuan was mulling granting life-long tax benefits to property owners who participate in urban renewal projects.
To encourage wider participation in urban renewal, the ministry plans to raise floor area ratios, the ratio of a building’s total floor area to the size of the plot of land on which it is built, Yeh said at a meeting of the Legislative Yuan’s Internal Administration Committee.
Depending on the size of the land to be developed, homeowners participating in urban renewal projects could be entitled to preferential floor area ratios, he said.
A site smaller than 500m2 could be redeveloped at its original floor area ratio, while a site between 500m2 and 1,000m2 could be redeveloped at 115 percent of its original ratio and a site larger than 1,000m2 could be redeveloped to 130 percent of its original ratio, Yeh said. [FULL STORY]