Since 2011, the municipal governments in two cities, Shanghai and Chongqing, have been conducting property tax trials, levying an annual cost on second properties or high-priced ones (however not the land). The tax price in Shanghai is ready between 0.4% to 0.6% of the last-sale value. (Within the U.S., such levies can attain as excessive as 2.13% in locations like New Jersey.) Shanghai’s property tax income amounted to 19.9 billion yuan final 12 months, based on town’s tax authority. That’s solely about 7% of its earnings from land gross sales, based on Bloomberg calculations based mostly on official knowledge.
https://www.washingtonpost.com/enterprise/why-china-could-be-serious-about-a-property-tax-now/2021/08/08/36cd3db4-f8a6-11eb-911c-524bc8b68f17_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | Why China Might Be Critical A few Property Tax Now