宏观点评：一文读懂房地产税收新政

Tax Policy Adjustments - The recent tax policy adjustments in the real estate sector are part of a broader package aimed at stabilizing economic growth[1] - The adjustments primarily focus on deed tax and value-added tax, with the deed tax rate classification standard raised from 90 square meters to 140 square meters for first and second homes in first-tier cities[5] - The value-added tax for non-standard residential properties has been eliminated for properties sold after two years, while properties sold within two years still incur a 5% tax[5][9] Impact on Homebuyers and Developers - The changes are expected to lower home purchasing costs for residents, particularly for properties between 90 and 140 square meters, which will now have a deed tax of 1%[7] - The reduction of the land value-added tax pre-collection rate by 0.5 percentage points will alleviate cash flow pressures for real estate companies[6][7] - The average transaction size for residential properties in major cities was 109.7 square meters from January to October 2024, indicating a significant portion of the market will benefit from these tax adjustments[7] Future Policy Outlook - The underlying logic of current policies has shifted, with increased potential for central government leverage and new incremental policies expected to be introduced[7] - Anticipated future measures may include further interest rate cuts, consumption subsidies, and enhanced regional development plans[7]