The State Council Clearly Promoted The Reform Of Real Estate Tax For The First Time.

"Gradually promoting property tax reform".

The announcement made by the Chinese government yesterday (May 31st) that the State Council approved the development and Reform Commission's notice on deepening the reform of the economic system in 2010 (hereinafter referred to as the "opinion") is the first clear decision of the highest decision-making level on the specific means of Taxation for the regulation of the property market.

Affected by this news, yesterday's property stocks plunged and dragged down the Shanghai index fell by 2.4%.

The industry believes that the central authorities are increasingly expected to use the property tax to regulate the market, and do not rule out the possibility of Shanghai's recent pilot implementation.

Some analysts believe that the main purpose of the property tax is not to regulate the real estate market, but to regulate income distribution.

At the same time, local finance will benefit from this.

It is worth noting that the "opinion" also requires that the development and Reform Commission take the lead in introducing a comprehensive policy to promote the long-term and healthy development of the real estate market.

Shanghai pilot is expected to rise again

"The biggest difference between property tax and property tax lies in the fact that the property tax is an existing tax, which can be introduced after the adjustment of the scope of the tax, and the introduction of the property tax needs legislative procedures."

Chen Guoqiang, director of the Real Estate Research Institute of Peking University, told the daily economic news reporter that property tax is the first choice of our country at this stage as a tax category.

It is understood that the property tax was introduced in 1986, the scope of collection is operating property (excluding residential), according to the remaining value of the property tax rate is 1.2%; according to the real estate rental income tax rate is 12%.

According to the draft of the Shanghai property tax which had been circulated before, the per capita household area is an important basis for measuring whether or not to levy.

If the tax conditions are met, the amount of tax is equivalent to 8 per thousand of the value of the house.

Many people in the industry worry that the expansion of property tax to housing may aggravate the burden of buyers.

Chen Guoqiang said that if the pilot project of real estate tax is pushed forward, there will be a differential operation, that is, the first suite should be exempt from or reduced the tax rate.

At the same time, some taxes related to real estate will also be merged to avoid more cost pfer to buyers.

It is understood that at present, China's real estate related taxes up to 40, there are even hundreds of individual places.

Shanghai property tax will be introduced before, but up to now, Shanghai has not publicly acknowledged it.

After the State Council made its statement yesterday, the Shanghai industry believed that the possibility of a pilot project for real estate tax in the near future was not ruled out.

"Now everyone is waiting for this policy (property tax).

Officially, the market is active. "

In Longhu real estate marketing Vice President Gao Qing, it seems that the real reason for volume slump is wait-and-see, to end wait-and-see, and only including the property tax, including the undefined policies.

Wang Shizhang, marketing director of Zhongke University Town, Shanghai, also said that developers are "no action" because of the suspension of property tax. He thinks that property tax should be issued within 3 months.

If not issued, the market will be less and less affected by the property tax, to 8~9 months, real estate can be officially listed for sale, then the market will start to pick up.

Wang Juelin, deputy director of the Ministry of housing policy research center, believes that the outside world is too sensitive to property taxes.

Taxation is an important means of regulation. Even without the current round of regulation, the tax on property preservation will be introduced in due course.

How much impact on housing prices?

"Suppose that a retired minister in Beijing owns 180 square meters of a double ring house. If the property tax is paid at a rate of 1.2%, the retirement income of one year will probably be enough if he doesn't eat or drink."

Pan Shiyi, President of SOHO China, said on his blog yesterday that the impact of property tax on the market would be very great. After the Japanese real estate tax was collected, real estate immediately collapsed, and 20 years later, the economy declined.

However, some people in the industry are not optimistic about the effect of "suppressing house prices".

Chen Guoqiang said that the main purpose of expanding the scope of property tax collection is to combat speculative investment demand and reconcile the gap between the rich and the poor, and the price of housing will still be determined by market supply and demand.

Xue Jianxiong, an analyst with China real estate information group, also believes that the impact of property tax on housing prices will not be too great. The decline in the market should be around 20%, and this is the highest level in April this year.

However, some analysts are cautious that the price reduction depends on the severity and implementation of the property tax policy.

Chen Sheng, the China Index Research Institute, said that the property tax may extend the adjustment period of the property market and allow the volume of market downturn to last longer.

Zhongyuan Real Estate Research Director Song Huiyong believes that the adjustment of the property market will be completed within 3~6 months after the introduction of the property tax.

There is another important advantage in expanding the scope of property tax, that is, the increase in local fiscal revenue.

Data show that in many states of the United States, property tax revenue accounts for more than half of local revenue.

In our country, the proportion of property tax revenue to local finance can be ignored, and the proportion of land leasing is bigger and bigger.

Wei Dong, manager of the research department of DTZ, northern China, told the daily economic news reporter that for local finance, land revenue is short of stability and easy to push up land prices. If the Levy of property tax is extended to housing, it will change this situation.

"Comprehensive policy" to be out

It is worth noting that the "opinion" also requires that the development and Reform Commission take the lead in introducing a comprehensive policy to promote the long-term and healthy development of the real estate market.

The comprehensive policy of real estate, together with the optimization of income distribution and the improvement of endowment insurance, is included in the "deepening the reform of the people's livelihood security system".

Chen Guoqiang told the daily economic news reporter that as an important industrial policy, the policy will include land, real estate finance, taxation, market supervision, housing security and so on, among which the housing security system may become an important content.

It is understood that the basic housing security law drafted by the Ministry of housing and housing was issued at the end of last year, and is currently soliciting opinions for the first time to link the construction of affordable housing with the achievements of local governments.

Yang Hongxu, Minister of comprehensive research of Shanghai Yi Ju real estate research institute further pointed out that this also means that the real estate industry is endowed with more protection nature rather than market nature.

Affordable housing construction can also stimulate the development of many industries in the upstream and downstream industries. Therefore, this will not affect the status of the real estate industry in the macro economy.