On December 20, the website of the Shanghai Municipal People's Government published the Notice of the Shanghai Municipal People's Government on the continued implementation of the Adjusted Real Estate Tax Deduction Ratio of the original Value of Real Estate.
According to the "Notice", Shanghai Government Regulation (2019) No. 5 specifies that since January 1, 2019, the city will calculate the taxpayers who pay the property tax according to the remaining value of the property, and the proportion of the original value of the property deduction will be adjusted to 30%. After assessment, the city continues to implement the adjusted real estate tax deduction ratio of the original value of the real estate, which will be implemented from January 1, 2024.