Sat, Nov 21 2009

Bulgaria ups property tax

Thu, Oct 15 2009 10:14 CET byDnevnik.bg 2027 Views 1 Comment
Bulgaria ups property tax

Photo: Maria Subotinova

The Bulgarian government gave the green light to a proposal to raise the maximum property tax rate from 0.2 per cent to 0.25 per cent of the property appraisal.

Furthermore, the property transaction tax cap rises from 2.6 per cent to three per cent, but this may not entail higher payments as they are set by city councils, which are concerned such a step might drag down collection. In addition, the threshold for properties exempt from taxation will be lowered to a property appraisal of 1680 leva from the current 2520 leva.

The aim is to pump up revenue of small municipalities where appraisals are low and many property owners pay no property taxes.

The government also approved a plan to introduce identical tax rates for all gambling games. Thus, the state lottery and private fixed-odds sports betting bookmaker Eurofootball will pay 12 per cent instead of 10 per cent of their betting turnover. Finance minister Simeon Dyankov said the Cabinet has not discussed a possible increase in road taxes for next year.

Source: Dnevnik

Comments

Anonymous Valeri Thu, Oct 15 2009 18:57 CET
Inappropriate comment?

Not good.
Many people in the States (my experience) couldn't stay in the home they raised their family in, because of the property tax.
I know I was paying about $1000 a month, which is fine when you are active, but ones in your 70s and 80s for many it could become unsustainable and probably unreasonable, to pay this never ending "rent" basically.
There is something fundamentally wrong with society that makes it difficult for people to live out their days in the home connected with their most important memories.
I fear BG is heading this way...

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