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What are the major benefits of urban renewal?

For public participation in the developmental process of urban renewal, the rights of owners are not only be protected by the Urban Renewal Act, but according to the stipulation of rewards for transformation development rights for Urban Renewal, the owner may have access to a reward equal to a maximum of 1.5 times of the statutory volume of the floor area, or 0.3 times the statutory capacity of the original building base together with the capacity of the original building.

During implementation, the owner may also enjoy tax reductions in land value tax, house tax, land value increment tax, deed tax, etc.If the building is not reconstructed according to the abovementioned urban renewal guidelines, the land will need to be reconstructed according to the statutory volume of the floor, and all of the abovementioned preferences will not apply.