Shanghai real-estate regulators and the municipal government have started to draft detailed regulations for the industry, including property tax, with detailed information expected to be published by the end of May, Shanghai Security News reported today.
Tax on housing tenure would also be discussed and implemented, said the report.
A soure close to the Shanghai municipal government said the final solution for housing tenure tax will make use of current property tax regulations to simplify the process of legislation.
The new housing tenure tax target will be extended to property owners who have more than one estate.
In the initial draft, the per capita living space will be a crucial evaluation on the tax-payer. If property owners match the tax-paying line they will be required to pay 0.8 percent of the total value of the property annually.