Who pays the highest property taxes in Hong Kong?
March 22, 2018 - Repulse Bay
The owner of a 25,000 square feet super deluxe house at 89 Repulse Bay Road will pay an annual government tax of about HK$655,500 (US$83,575) for the next financial year, the highest in Hong Kong, according to the SCMP.
The Rating and Valuation Department on Monday said the property could fetch about HK$13.11 million in annual rent or about HK$1.09 million per month.
The government charges 5 per cent as levy based on the estimated annual rent.
The owner Liang Liangsheng, chairman of Hubei-based C-Bons Holdings (International), which is involved in making and selling feminine personal hygiene products, property and tourism, paid HK$115 million for the house in 2001.
“The owner will be charged 5 per cent as the government rate based on the rateable value,” said Thomas Lam, head of valuation and consultancy at Knight Frank, meaning Liang is likely to pay a government rate of about HK$655,500 for the next financial year.
Meanwhile, the rateable value for an 8,000 sq ft house at 13 Big Wave Road in Shek O, owned by Pony Ma Huateng, co-founder of Tencent Holdings, was estimated at HK$11.85 million, the second highest in Hong Kong.
According to government estimates, Ma will have to pay an annual government rate of HK$592,500. The rateable value for the 9,950 sq ft House No 1 at Mount Nicholson was HK$9.55 million, making it the third highest in the city. The owner, Giant Victory which paid HK$1.08 billion for the house last year, will be required to pay HK$477,500 next year.
Lam said that since most of these properties are occupied by the owners themselves they will have to pay the levy.
Read the rest of the story @ SCMP
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