China Approves New Property Tax
On 23 October 2021, the Standing Committee of the National People’s Congress (NPC) approved a property tax pilot scheme.
The levy will be limited to a group of pilot cities, and will apply to both residential and non-residential properties and will last for 5 years.
Currently, real estate has been taxed only in Shanghai and Chongqing. Shanghai collects property taxes from homeowners with second properties at an annual rate of 0.4% and 0.6% of the property price, depending on the size of the property, while Chongqing imposes taxes of 0.5% to 1.2% on villas and luxury apartments.