 Government Asks for Property Tax | In one of its sternest measures to stem the rising tide of housing prices in major cities, the State Council has ordered that a 20-percent individual income tax be levied on capital gains by home sellers from April. Currently, only a 1-percent individual income tax is levied on the sale price. Meanwhile, for cities experiencing soaring property prices, the branch of the central bank could further increase down payments and mortgage rates for second-home buyers, in line with the price target set by local governments. Earlier media reports suggested that down payments for second-home purchasers were likely to be increased to 70 percent from 60 percent, and the mortgage rate could be hiked to 1.3 times the benchmark interest rate, instead of the current 1.1 times. Many potential home purchasers and sellers are waiting for the coming two sessions of the nation’s legislature and advisory body, to see if more detailed real estate policies will be launched. Related Article |
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