Property tax on the impact of the real estate market expectations of the implementation of the Rules

Some provinces and cities to simulate the pilot "idling" six years of development and Reform Commission "opinion" proposed the State Council recently forwarded the National Development and Reform Commission "on 2009 deepening economic restructuring work opinion."　　"Opinion" will "deepen the real estate tax reform, study the levy of property tax" as one of the contents of speeding up the reform of the tax system, arouse the attention of all parties. As a part of the tax burden of property, property tax from 2003 onwards in some provinces and cities simulated pilot "idling", 2007 began to expand the pilot. What kind of signal does this "opinion" announce?　　Once the property tax is levied, what impact will it have on the property market? The imposition of an imperative property tax, also known as "real estate tax" or "real estate tax". The main difference with the former real estate tax is that the property tax is the tax to be paid by the house, and the tax burden of the real estate, not the development and the trade.　　Property tax is mainly levied on real estate such as land, housing and so on, requiring its lessee or owner to pay a certain amount of tax every year, and the taxable value will be increased with the increase of its market value. It is understood that the current real estate tax in China is mainly focused on the development of investment links, for consumers, the main focus on the trading link. For homebuyers, there is little tax on real estate, so the expected return on personal investment in real estate is high. Investors can hold real estate and land resources at zero tax cost as long as they do not transfer the transaction. When markets are in a seller's market, investors can easily sell their property at a premium, and can shift all kinds of transaction fees and charges onto the buyer's head, thereby making the investment return. This stimulated the demand for real estate of various investors, and objectively encouraged real estate investment or speculative behavior. Therefore, it is not only the international practice to collect taxes on the property, but also helps to give full play to the two distribution and adjustment of the social resources.　　Levying property tax is imperative. The key of property tax reform lies in the adjustment of tax basis. It is a common international practice to evaluate the tax rate as the basis of tax.　　Since 2003, the general Administration of Taxation and the Ministry of Finance have approved Beijing, Jiangsu, Shenzhen and other six provinces and cities to carry out real estate simulation assessment pilot, commonly known as the property tax "idling." The so-called "idling" refers to the absence of actual tax collection, but all work steps are the same as the real tax, the finance and taxation departments, housing and land management departments and other units to participate in the calculation and evaluation tabulation statistics.　　2007, Henan, Anhui, Fujian, Dalian part of the region also joined the pilot. The impact of house prices is still difficult to conclude the levy of property tax will significantly increase the real estate holding costs. This is a huge constraint on investment and speculative demand. Even some people predict that once the property tax comes out, how much will the house price plummet. This view is one-sided. The most important function of levying property tax is to reform and perfect the national tax system.　　The imposition of property tax on the real estate market, the impact is very far-reaching, the market changes will be very complex, must not simply to price rise or fall to the conclusion. "Yi Ju China" analystShang that the basic framework of property tax reform is to transform the current property tax, urban real estate tax, land value-added tax and land transfer fee into a unified property tax. From the perspective of real estate development, the current development process in the one-time levy of taxes to be levied over the next few decades, the development cost reduction, housing prices should also be able to reduce. But in fact, the price is determined by the supply and demand relationship, the development cost is only one of the factors to be considered when pricing.　　When the market is in short supply, developers will not be priced exactly at cost, but fluctuation. From the impact on the supply, the property tax in the integration of the development of tax, reduce the development costs, can encourage developers to invest more in the real estate industry, thereby boosting supply, to a certain extent, to balance the supply and demand relationship, stabilizing the role of housing prices. Of course, this should be combined with the actual situation of real estate development in a region. For the real estate development is still the initial stage of the region, the expansion of investment scale, can indeed drive the market supply.　　But for areas with tight land supply, the enthusiasm of developers to invest in the upsurge may also cause the developers to take the wild, the final premium is higher. Again from the impact of the demand analysis. Theoretically speaking, the levy of property tax will raise the cost of holding houses, inhibit investment and speculative demand, and will also have a certain inhibitory effect on the greedy and broad pursuit of large consumers, which is helpful to the development and sale of the small and small-sized type of province. But what can not be overlooked is that property tax to curb speculation, investment, depending on the size of the tax rate in addition, if the introduction of property tax, reduce the cost of development and lead to lower prices, which may also inspire new demand for the market, in the contradiction between supply and demand, housing prices may rise again.　　The changes will be difficult to conclude.　　The market looks forward to the implementation of the rules of property tax levy is still in the research stage, but the various details of property tax, has been the focus of speculation and attention. For example, at present, China's real estate industry includes property tax, urban real estate tax, land value-added tax, farmland occupation tax, urban land use tax and other dozens of kinds of taxes. What tax does the property tax integrate to avoid repeated taxation? Another example, to have a home buyers, is the imposition or exemption method? And how do you make a scientific assessment of the value of all forms of real estate? What kind of tax base standard is used to levy? What is the standard for tax rates? How to design a property tax system for Non-domestic real estate? How to calculate the property tax in a number of different cities? How to use property tax reasonably and disclose information openly? ......　　All these may have a direct impact on real estate development and investment consumption. Ding, deputy general manager of the joint property Shanghai, expects that the imposition of property tax will appropriately increase the supply of second-hand housing market, thus prompting a proper price reduction, but how much the impact on the market, but also to see how the implementation rules. Woo Wei, deputy director of the Real Estate Research Center, Lu Linlin that the real implementation of this policy will take time, should be on different income groups, adopt a differentiated approach. Addition, the property tax should also be taken from the people and used for the people. For example, can be used as affordable housing, low-cost housing and other sources of funding, in order to promote the healthy development of China's real estate industry.