By Chen Wei-han / Staff reporterThe government plans to roll out floor space incentives and property tax breaks to encourage urban renewal, Minister of the Interior Yeh Jiunn-rong (葉俊榮) said yesterday, following reports that the Executive Yuan was mulling granting life-long tax benefits to property owners who participate in urban renewal projects. Depending on the size of the land to be developed, homeowners participating in urban renewal projects could be entitled to preferential floor area ratios, he said. In addition to the floor space incentives, the Ministry of the Interior on Tuesday proposed preferential housing and land taxes for homeowners participating in urban renewal projects. Participants in urban renewal projects who do not sell their new properties are entitled to a 50 percent reduction in housing and land taxes for two years after the completion of the project. The preferential tax rates and floor space incentives have yet to be finalized, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) said.

Source: Taipei Times November 30, 2016 16:02 UTC