Taiwan's new policy benefits old, low-rise buildings

A new amendment to the "Old House Extension Policy" is expected to benefit at least 110,000 buildings across Taiwan. This change, if passed, will halve property taxes for buildings over 30 years old and with four to five stories. The Ministry of the Interior estimates that the amendment to the "Dangerous Old Buildings Act" will provide tax relief. Currently, there are approximately 2.04 million buildings in Taiwan with four to five stories, with over one million of them being older than 30 years. The policy aims to encourage renovation and maintenance of older buildings. Experts suggest this could impact urban renewal projects and may not significantly increase property values for renovated buildings.