Taipei, Jan. 12 (CNA) Owners of properties defined as “luxury residences” in the capital city will see their real estate tax rise between NT$180,000 and NT$380,000 when they pay their taxes in May next year, officials said Wednesday.

The decision was made at a meeting of the city’s advisory committee on the standard prices for housing units, they said.

Chiu Ta-chan, director of the city’s Department of Finance, said that beginning in July, the annual tax on very large luxury houses or apartments will soar from NT$190,000 to NT$570,000.

Smaller luxury homes that fit the definition of the new tax measure will be levied at NT$260,000, up from the current NT$80,000.

The city government listed eight “standards” to define luxury residence units: a single building; a magnificent appearance; an excellent location; terrific views; good security; good management; few housing units on each floor; and parking spaces for each unit.

Chiu estimated that the new tax rate will be applied to 389 independent houses and 10,168 other housing units, adding more than NT$300 million a year to the city’s coffers.

Taipei Mayor Hau Lung-bin said the tax aims to “narrow the rich-poor gap” and to “realize social justice.”

Hau cited The Palace upscale downtown housing complex on Ren-Ai Road as an example of luxury homes that will be hit by the higher taxes. (By Chen Hung-chin and S.C. Chang) ENDITEM/J