Statute for Expediting Reconstruction of Urban Unsafe and Old Buildings Article 8

Where the reconstruction plan is submitted within five years after this Statute takes effect, after gaining approval from the municipal or county (city) competent authority taking into consideration local development trends and financial condition, land and buildings within the area of the reconstruction plan may be eligible for the following tax exemptions and reductions. However, if the area of adjacent building lots or land consolidated according to Paragraph 2 of Article 3 exceeds the area of the building site specified in Paragraph 1 of the same Article, no tax reduction shall be given.1.Exemption of land value tax where the land cannot be used during the reconstruction period. In the event building reconstruction is not completed within the deadline due to reasons attributable to the land owner, land value tax shall be collected in accordance with the law.2.Reduction of land value tax and house tax by half for two years after reconstruction.3.If the owner of the legal building before reconstruction is a natural person, and the owner does not transfer ownership of the building within the two-year house tax reduction period in the preceding subparagraph, the period of house tax reduction may be extended until the owner loses ownership. The house tax reduction period is limited to 10 years.If an owner is receiving tax exemption or reduction in accordance with this Statute, the owner shall not be eligible for tax exemption or reduction in accordance with other laws and regulations for the legal building. If provisions of other laws are more favorable than this Statute, then the law with the most favorable conditions shall apply.The Executive Yuan may extend the period set forth in Paragraph 1 six months before the period expires, but limited to once.