TAIPEI (TVBS News) — Taipei City projects a record-breaking revenue of NT$223.9 billion in 2024, largely driven by a surge in real estate transactions. This increase in local tax revenue is expected to decrease each resident's debt from NT$36,000 in 2025 to NT$26,000, according to media reports on Saturday (Feb. 8).
Taipei City Government Secretary-General Lee Tai-hsin (李泰興), however, emphasized that a cooling real estate market could slow revenue growth. He highlighted the need for substantial funding as the city embarks on constructing six new MRT lines.
Lee stated that the city's revenue growth in recent years has been primarily due to the booming real estate market, increasing land and house taxes. Challenges may arise if the real estate market cools. Additionally, a 3% salary increase for civil servants will require NT$2 billion annually, and the aging population, increasing by about 20,000 seniors yearly, will demand more budget for senior cards and welfare.
Hu Hsiao-lan (胡曉嵐), head of the city's Department of Finance (財政局), plans to boost city revenue by encouraging private investment in public construction. The city aims to introduce six projects in the first half of the year, including the Yixian section (逸仙段) land rights case, three MRT joint development projects, the Beitou Xiushan (北投秀山) long-term care BOT (Build-Operate-Transfer) project, and the Chengxin Wenxiang (城心文祥) public urban renewal project, with an estimated NT$10 billion in private investment.
