‘HOARDING TAX:The city council voted to more than halve a tax on empty homes for a period of three years amid falling prices, but builders demanded more
Date: Jul 07, 2017
By: Crystal Hsu / Staff reporter
Builders and developers yesterday welcomed a provisional tax cut on unsold houses, but said that homes ready for sale should be spared from the tax intended to curb property hoarding.
The Taipei City Council on Wednesday approved a proposal to reduce the so-called “property hoarding tax” for unsold houses from 3.6 percent to 1.5 percent for three years, effective immediately.
“The tax cut is positive, but more needs to be done to reinvigorate the property market,” the Real Estate Development Association of Taipei said.
The association urged the city government to remove the tax altogether on the grounds that all newly completed houses are intended for sale, like inventories in the manufacturing industry, and should be spared from punitive taxes if they fail to attract buyers. [FULL STORY]