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Immovable Property

Companies and Individuals are liable to pay the Immovable Property Tax and apply to any taxpayer that owns Immovable Property on the 1st January of each year.

The tax is imposed on the market value of the property as at 01 January 1980 and is payable on the 30th of September each year.

Physical and legal persons are liable to immovable property tax.
The charges are presented on the table below:

Property value (€) Rate (%)
 
Up to 120.000 Nil
120.000 - 170.000 0,4
170.001- 300.000 0,5
300.001-500.000 0,6
500.001-800.000 0,7
Over 800.000 0,8
 
Immovable Property Transfer fees
 
Property value (€) Transfer Fees (%) Accumulated tax (€)
 
Up to 85.430 3 2.563
85.431 - 170.860 5 6.835
170.861 and over 8 2.136
Over 854.301 4  
 
Immovable property transfer fees are refunded in case the immovable property is transferred to a family company and the shareholders of the company remain members of the family after the passing of five (5) years.
When the property is owned by a Company whose shareholders are spouses and /or their children, and the property is transferred to one of the two spouses or their children or to a third degree relative the transfer fee percentages are as follows:
 Transfer to Spouse - 8%,
Transfer to child – 4,
Transfer to relative - 8%
No immovable property transfer fees are payable in the case of reorganization of companies.
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