The Law stipulates that immovable property worth in total up to EUR 220,000 will remain tax exempt. When the total value of immovable property exceeds EUR 220,000 but does not top EUR 300,000, a tax rate of 0.5 % will apply to the value share above EUR 220,000. Next, when the total value of immovable property exceeds EUR 300,000 but does not top EUR 500,000, a tax rate of 1 % will apply to the value share above EUR 300,000. Finally, a tax rate of 2 % will apply to the value share above EUR 500,000.
A tax range is widened by 30 % in respect of immovable property belonging by the right of ownership to or being acquired for non-commercial purposes by the people who raise three or more children (foster children) under 18 years of age, a disabled child (foster child) under 18 years of age, or a disabled child (foster child) over 18 years of age with a special need for continuous care.
The amendments will enter into force on 1 January 2018 and will apply for calculation and declaration of immovable property tax in 2018 and subsequent tax periods.
