Will I have to pay more tax if I buy a second home under one person’s name?

Nowadays, after many families buy their first home, they soon want to buy a second home. However, you have to pay taxes when buying a second home. So do you have to pay more taxes when you buy a second home?

1 There is no need to pay more tax when buying a second home.

2 However, taxes must be paid in accordance with regulations. Buyers need to pay: deed tax, 1% for non-first-line properties below 90 square meters, 2% for properties above 90 square meters, and 3% for Beijing, Shanghai, Guangzhou and Shenzhen; stamp tax, 0.05% of the contract price.

3 Sellers need to pay: personal income tax, 20% of the difference in house price or 1% of the total price; value-added tax, 5.6% of the total price. Ordinary residences more than 2 years old are exempt.

The above is all about whether you need to pay more tax when buying a second home.