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Legislation passed to tackle house hoarding
The Legislative Yuan on Tuesday has passed changes to a law which raises residential property taxes on households that own multiple homes.
Under the amendments to the House Tax Act, the so-called house hoarding tax, which is payable by those owning four or more homes not for self-dwelling purposes will be raised to between 2% to 4.8% per unit.
The tax rate will be lowered to 1% for those owning one property worth up to a certain value that they live in.
The tax on rental homes will be also lowered to between 1.5-2.4%, to encourage those owning multiple units to rent them out.
The revision further raises tax rates for property developers who hold unsold homes.
The new regulations will be implemented starting 1 July 2024, and are expected to affect 4.45 million households in Taiwan.
