Chinese state media, Xinhua, had the news over the weekend: China's State Council to implement a new property tax
Reuters have a summary piece up:
- China has been considering a property tax since 2003
- Shanghai & Chongqing rolled out pilot programmes in 2011 - taxing homeowners, albeit just those possessing higher-end housing and second homes, at rates from 0.4% to 1.2%.
- President Xi Jinping wants to advance property tax legislation - his support of the measure aimed at narrowing disparities between ultra-rich urbanites and the rural poor under the banner of "common prosperity" may provide the needed political will to push through a nationwide property tax, currently on the legislative agenda for 2021-2025.
More:
- Richer regions are expected to implement property taxes first
- China is likely to take a tiered approach to rates levied, differentiated rates depending on the city (higher in wealthier cities)
