Immovable Property Tax

Immovable property tax is imposed on the market value of immovable property as at 1 January 1980 and is calculated on the immovable property owned by the taxpayer on 1 January of each year.

Rates

Value of  Property Rate  Tax  Cumulative Tax
0 - 120.000 0 0 0
120.001 - 170.000 0,4 200 200
170.001 - 300.000 0,5 650 850
300.001 - 500.000 0,6 1.200  2.050
500.001 - 800.000  0,7  2.100  4.150
800.001 and over   0,8

 

Exemptions

The following properties are exempt from immovable property tax:

  • public cemeteries
  • churches and other religious buildings
  • public hospitals
  • schools
  • immovable property owned by the Republic, foreign embassies and consulates
  • buildings under a preservation order subject to conditions
  • buildings of charitable organisations
  • agricultural land used for agriculture or animal husbandry by a farmer
  • immovable properly situated in inaccessible or depressed areas
  • property of a missing person under administration.

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