According to an opinion article that Caixin published, the Ministry of Finance may need time to establish legislation and outline the requirements during property tax reform. The article reported that, currently, the tax rate, the limit of how much is taxable, and the amount collected varies in each region. Property tax reform will directly impact local tax revenue as well as the existing system of the municipal government that uses the land to derive its financial revenue. In a recent article that the Minister of Finance wrote following 19th National Congress, it specified that the property tax should be based on assessed value rather than the trading value, as has currently been adopted in Shanghai and Chongqing. Caixin reported that this is the first time the property tax base has been officially defined.
Source: Caixin, November 9, 2017