Is there a property tax in Hong Kong?

1. In Hong Kong, corresponding to the property tax referred to in the Mainland, Hong Kong is called "rates".

Property in Hong Kong can be roughly divided into two types, one is private property and the other is public housing provided by the government, and about 50% of the people in Hong Kong live in public housing. However, no matter what kind of property mentioned above, rates are required.

Different from the property tax being discussed in the mainland, the assessment of rates widely discussed in the mainland is based on the overall valuation of the properties held. However, the "rates" in Hong Kong are based on the "rent" valuation, that is, it is assumed that the property can be let out during the valuation period. As for the collection and valuation of rates, there is a special department in Hong Kong, that is, the Rating and Valuation Department.

According to the market price of similar properties in the same district during the evaluation period, the department will adjust the rent according to factors such as the area, location, facilities, completion quality and management level of the property. Then multiply the rent by the rates charge rate to calculate the tax payable. For example, the rate of 20 10-20 1 1 is 5%.

The Rating and Valuation Department reassesses the property rent every year. For example, 20 10-20 1 1, the valuation book contains about 2.35 million units, totaling 2.98 million units.

For self-occupied properties, the rates are naturally paid by the owners, but for leased properties, the rates are determined by the contracts signed between the owners and tenants. The predecessors of our correspondent in Hong Kong told me that we had "negotiated" with the landlord on the payment of rates for leased properties before.

2. In addition to rates, Hong Kong also has an important real estate tax rate, that is, property tax. Property tax is mainly for owners with rental income, and owners of self-occupied properties do not need to pay it. The calculation method is also based on rental income. At present, the property tax rate in Hong Kong is 15%.

Rates in Hong Kong account for about 5% of government revenue. Besides, the Hong Kong Government has exempted rates for many years. This also shows that the collection of rates will basically have no impact on Hong Kong's real estate.