Property taxes have been levied on home owners in a trial basis in Shanghai and Chongqing since 2011. The two cities now plan to fully implement the tax and have released details on how much property owners will have to pay each year.
The property tax code has many criteria that will exempt a large number of home owners but require those who own large properties to pay more.
The property tax rate in Shanghai will float between zero-point-four percent and zero-point-six percent of the average square-meter value of property for the year. In Shanghai this year the tax will only be imposed on property valued at more than 27,000 yuan per square meter.
The city of Chongqing will charge the tax on property with a market value of more 12,000 yuan per square meter, but will exempt many smaller homes and long-term home owners. People who purchased property of more than 180 square meters after 2011 will pay more.
Source: CCTV
