Announced current land value of Taipei 101 exceeds NT$5 million

The Ministry of the Interior yesterday announced the announced current land value for the 103rd year of the Republic of China. Taipei 101 in Xinyi District, Taipei City, has an announced current land value of NT$1.52 million per sq m, equivalent to about NT$5.02 million per ping.

The Ministry of the Interior issued a press release stating that the announced current land value work for the 103rd year has been assessed and completed by the land price appraisal committees of each special municipality, county and city. After the Ministry of the Interior compiled the adjustment results of local governments, the national average adjustment rose 14.19%, higher than the average adjustment of 7.95% in the 102nd year.

The Ministry of the Interior said that compared with the 102nd year, the announced current land value for the 103rd year was raised in every special municipality, county and city, with the margins generally more obvious than in previous years. Among them, Kinmen County at 42.99%, Lienchiang County at 35.74%, Penghu County at 30.57%, Taichung City at 24.43% and Taoyuan County at 22.5% had the larger adjustments.

The Ministry of the Interior stated that the high adjustment in Taichung City's announced current land value was mainly related to the higher adjustments in several land readjustment areas; in Taoyuan County, it was related to the development of the Taoyuan Aerotropolis and Taoyuan County's upcoming upgrade to special municipality status.

The Ministry of the Interior said that in recent years housing prices in major metropolitan areas have continued to rise, and the actual price registration policy has been implemented since August of the 101st year, with transaction information disclosed and market conditions transparent. The announced current land value should reflect market dynamics even more, and this adjustment is more obvious than in previous years, in line with the fiscal authorities' principle of taxation according to ability to pay.

The Ministry of the Interior pointed out that since the announced current land value is the basis for levying land value increment tax rather than land value tax, this adjustment will not affect the land value tax for the 103rd year.