Government-assessed land values in Taiwan stay flat in 2019

Taipei, Land values in Taiwan as assessed by local governments for 2019 were little changed from a year earlier, according to the Ministry of the Interior (MOI).

The appraised land value, known formally as the "current assessed land value," rose only 0.46 percent on average for Taiwan as a whole for 2019 compared with a year earlier, data compiled by the MOI showed.

The ministry releases a land value survey at the end of every year based on data collected from local governments to provide an indicator of Taiwan's real estate market conditions.

The current assessed land value is important because capital gains taxes on property transactions in Taiwan -- the land value increment tax -- are based on these appraised values rather than actual buying and selling prices.

Lienchiang County saw the biggest increase in the assessed value of land among the 22 cities and counties in Taiwan, rising 3.46 percent from a year earlier.

The gains reflected aggressive efforts by the government of the outlying county to promote its tourism sector, benefiting the property market there, the MOI said. They also reflected a low base of comparison set in 2018.

Hsinchu County came in second with an increase in current assessed land value of 1.34 percent in 2019, followed by Yunlin County (up 1.28 percent), Pingtung County (up 1.13 percent), and Keelung City (up 1.11 percent), the MOI's data showed.

All of the 22 cities and counties saw their current assessed land value go up in 2019 except New Taipei and Taoyuan, where it fell 0.24 percent and 1.02 percent, respectively, from a year earlier, the MOI said.

New Taipei and Taoyuan are two of the six largest cities in Taiwan.

The other four -- Taipei, Taichung, Tainan and Kaohsiung -- saw their current assessed land values go up 0.80 percent, 0.96 percent, 0.92 percent and 0.33 percent, respectively, from 2018.

In terms of individual lots, the site of landmark skyscraper Taipei 101 had the highest assessed land value at NT$1.77 million (US$57,467) per square meter or NT$5.84 million per ping.

While Lienchiang enjoyed the highest growth in the assessed value of its land, the most valuable lot in the county in Nankan Township where a shopping mall is located was only assessed to be worth NT$16,700 per square meter or NT$60,000 per ping, the data showed.

Source: Focus Taiwan News Channel