Department of Finance

The Taipei City Government will convene a Real Estate Assessment Committee in the first half of 2023, which is held once every three years to re-evaluate the standard house prices. The committee will be chaired respectively by the Deputy Mayor and the commissioner of the Department of Finance to serve as the convener and deputy convener, with nominations from the Department of Urban Development and the Department of Land Administration, and the director of Revenue Service Office as ex-officio members. Additionally, representatives from The Real Estate Appraisers Association of Taipei City, Taipei Professional Civil Engineers Association, Chinese Institute of Urban Design, Taipei Architects Association, and relevant real estate associations will be invited, to gather opinions from all sides.

The Taipei City Revenue Service has indicated that there are currently approximately 1.31 million registered households for property tax in Taipei. The property tax calculation is the tax base multiplied by the tax rate. The tax base, which is standard house prices, takes into account factors such as the standard unit price of the building structure and the location rate. To achieve fairness and reasonableness in property valuation and taxation, the taxation office referred to the property taxes assessment of New York City, Buffalo, Toronto, Vancouver, and other places, where generally take the assessment ratio, coefficient of dispersion (COD), and price-related differential (PRD) as indicators to measure valuation consistency and fairness, according to the visit experience in 2019 of Commissioner You of the Department of Finance. Therefore, a research project has been commissioned by the National Taipei University research team, led by Professor Peng Chien-Wen, the chairman of the Chinese Institute of Land Appraisal and Professor of the Department of Real Estate and Built Environment of National Taipei University. The project aims to study the standard value of a house for property tax in Taipei, and a mid-term symposium was held on March 31, 2023, to discuss the progress of the research. The team will provide concrete recommendations for the real estate appraisal committee’s reference in the future.

The Taipei City Revenue Service further explained that the assessment proposal of standard house prices will gather opinions from all sides by following the principles of tax fairness and moderately reflecting public opinion. The proposed plan will be submitted to the Real Estate Assessment Committee for review and will be announced after being approved by the committee, then apply to property tax starting in May of 2024.