Tibet starts charging deed tax

LHASA, Sept. 1 (Xinhua) -- Southwest China's Tibet Autonomous Region started levying deed tax on Wednesday, another sign of the region's economic progress as well as development of the land and real estate markets.

Under China's preferential policy, individuals buying the only home of the family in the region should pay one percent of the home price as deed tax if the property measures 90 square meters or less. The tax rate will be 1.5 percent if the property is larger than 90 square meters.

For those who buy a second home of the family, the deed tax rate will be one percent if the new property measures less than 90 square meters, and two percent if it is larger.