SECOND PROPERTY TAX: WHAT SHOULD HOMEOWNERS DO RIGHT NOW?

The second property tax policy is drawing much public and expert attention. As demand for owning multiple properties increases, applying taxes to regulate the market becomes inevitable. However, many questions arise: How will the second property be taxed? Will it actually be taxed? How much will the tax be? In this article, SunValue helps clarify these issues and provides valuable insights from market reality.

Second property tax: From policy to market practice

The proposal to tax second properties is part of the broader plan to reform the outdated property tax system, which has yet to fully fulfill its regulatory role. According to the Ministry of Finance, the tax will apply to the second or more properties under an individual’s name, calculated based on market value.

Countries like Singapore, Canada, the UK, and South Korea have long applied this kind of tax to limit speculation and redistribute home ownership opportunities. In Vietnam, if implemented, the tax rate is expected to range from 0.3–1% per year, depending on the asset value. Individuals owning two or more properties, including houses, land plots, and rental apartments, will be subject to the tax.

However, the most common questions remain: “How much is the second property tax?”, “When will it be enforced?”, “How will it be applied?”, and “How can it be applied fairly and effectively?” According to economic experts, the key lies in accurately determining asset values. Applying incorrect market values may result in unfair taxes, causing losses to property owners or reducing the effectiveness of the policy.

Currently, the draft policy is being circulated for public feedback by the Ministry of Finance and may be submitted to the National Assembly by late 2025. Although it’s not yet in effect, the preparation wave has already begun—especially for those who own two or more properties.

Will the second property be taxed? Policy and practical views

Alongside supportive opinions that taxing second homes is necessary to curb speculation and ensure fair asset distribution, there are also concerns about potential negative impacts. Many experts warn that applying the tax during a stagnant market may slow transactions further, affect local tax revenues, and impact jobs in construction and brokerage sectors. However, from the government’s perspective, the Ministry of Finance believes this is a needed move to expand the tax base, aligning with developed nations like Singapore, South Korea, and Canada—where such taxes have been applied to better manage the housing market.

SunValue – Accurate, effective second property valuation solutions

With the second property tax likely to become a reality soon, owning an accurate, legally compliant valuation report recognized by tax authorities becomes crucial. SunValue, with over 23 years of experience in real estate valuation, remains the top choice for thousands of individual and institutional clients.

SunValue applies the Ministry of Finances valuation standards, combined with real market data, helping clients correctly determine the value of their second property before declaring taxes. The company’s team of certified appraisers has extensive experience with many property types, including townhouses, apartments, land plots, and resort villas.

SunValue’s client base includes banks, credit institutions, individual investors, and developers owning dozens of properties. With a standardized process and continuously updated market database, SunValue is committed to delivering real – fair – transparent values for every assessed property.

In fact, many clients have used SunValue’s valuation reports for tax declarations and received quick approval from tax authorities, saving time and cost. SunValue also supports clients in document handling, policy consulting, and timely updates on tax law changes related to real estate.

Why you should value your second property now?

While the second property tax law is not yet effective, now is the ideal time for investors, individuals, and businesses to proactively review and evaluate their property portfolios. A professional valuation report not only supports transparent tax declaration but can also be used for transactions, transfers, or securing bank loans.

Instead of worrying “How much is the second property tax?”, start by determining the true value of the assets you own. SunValue will accompany you on this journey with specialized services, transparent processes, and reliable results.

Indochina International Appraisal & Investment JSC (SunValue)

• Address: Indochina International Appraisal System

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• Website: inavn.vn

• Email: contact@sunvalue.vn

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Conclusion

The second property tax policy is an inevitable step in asset management reform - but a big challenge if owners are unprepared. Don’t be caught off guard by upcoming policy changes. Let SunValue support you with accurate valuations, full legal documentation, and comprehensive service from A to Z. Value it right – Declare it right – Pay it right. That’s how to smartly protect your property in the new landscape.