Shanghai Municipality, Announcement on Matters Relevant to the Administration of the Levy of Property Tax on Residential Premises for Individuals in the Municipality
上海市关于本市个人住房房产税征收管理有关事项的公告
Shanghai issues the formula for calculating property tax.
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Issued: January 30 2011
Effective: January 28 2011
Main contents: Beginning from January 28 2011, persons that newly purchase residential premises in Shanghai shall, prior to handling real property registration, complete the procedures for determination of property tax levy or exemption with the local tax authority where the property is located (Article 1). The formula for calculating the annual taxable property tax shall be:
Taxable floor area of the newly-purchased residential premises x the unit price of the premises (or verified taxable value) x 70% x