Shanghai: Improve individual housing property tax policies.

On February 25th, the Shanghai Municipal Commission of Housing and Urban-Rural Development and four other departments jointly issued the "Notice on Further Optimizing and Adjusting the City's Real Estate Policies", which will take effect from February 26, 2026. The notice proposes to improve the personal housing property tax policy. It supports residents' demand for upgrading and improving their housing. The notice stipulates that starting from January 1, 2026, if adult children in households with Shanghai hukou purchase housing that is their only residence, they will be temporarily exempt from personal housing property tax. In other words, if the buyer jointly owned a house with parents or grandparents when they were minors, and after purchasing or replacing a new house in the city, the house remains the only residence of the adult child household, they will be temporarily exempt from personal housing property tax. If there are changes in the household's housing situation that meet the above conditions, they can apply to the tax authorities of the location of the taxable housing for the reconfirmation and adjustment of personal housing property tax declaration information. Starting from the following month after the tax authorities' reconfirmation, adjustments will be made, and overpaid taxes made after January 1, 2026, will be refunded.