TAIPEI (Taiwan News) — Taichung's land values have increased by 3.69% this year, the city’s Land Administration Bureau announced Tuesday.
Shin Kong Mitsukoshi remains on the city's most valuable land. The department store is approximately NT$2.36 million (US$72,600) per ping (about 3.3 square meters), per CNA.
The Ministry of the Interior aims for the announced land value to reach 90% of the market value. Announced land value is adjusted annually as the basis for land value-added tax.
A land value tax (LVT) taxes the value of land itself. It acknowledges that land is a limited resource with stable value, unlike the buildings on it, which can change more significantly, per Investopedia.
The announced land values in development areas will be gradually adjusted to reflect investment in these areas, with the most significant increases seen in districts with new urban redevelopment and land expropriation projects. Beitun, Nan, and Nantun districts saw increases of 7.86%, 7.66%, and 6.92%, respectively, while other districts had modest gains ranging from 1.06% to 3.86%.
Shin Kong Mitsukoshi has occupied Taichung’s most valuable land for 15 years. Its land value for 2024 is NT$714,000 per square meter.
The updated land values for 2025 will be announced on Jan. 1. The public can access the new figures on the city's land administration website and local land office websites.