New Tax on Property

The government is proposing to introduce a new tax on the total property wealth of an individual in the 2017 budget

The government proposes to create a new tax on the total vale of properties held by the tax payer.

This will be a completely new tax and not an increase in stamp tax or local property tax (IMI) which currently are applied on property assets.

The tax will be applied on tax payers whose properties in total have a taxable value which is superior to € 600,000. This tax will be progressive but at the moment the rates are not known. Properties used for habitation purposes held in corporate entities will be taxed at .4 of 1 percent irrespective of the value of the propoerty.

The govenment is hoping to raise between 100 to 200 million euros with this tax. Unlike the IMI this tax will go to the central government rather than the local councils.

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