Bulgaria has adopted a new law on property taxes
Bulgaria has recently adopted a long-awaited law on real estate taxes, bringing good news for many. The deputies adopted the bill of the Ministry of Finance in the second reading, and it is important to note that the expected increase in tax rates has been canceled, which leaves property owners in a favorable situation.
One of the key points of the new law was the decision to reject the proposal of municipalities to update tax rates every two years when housing prices rise. This proposal could lead to a 10% increase in property tax rates, which would cause serious financial worries for the owners.
Every property owner in Bulgaria is now required to pay the municipal tax and garbage collection tax annually. The tax base for individuals is determined by the amount of the tax assessment of the property, established by local tax authorities, and for legal entities - the book value of the property.
Avoiding an increase in real estate tax rates is an important step to maintain financial stability. These changes also have an impact on the real estate market, and monitoring their impact on market dynamics is becoming a key aspect.
The adoption of the new law on real estate taxes is an important event for a country striving to ensure the comfort and well-being of its citizens. The cancellation of the proposed increase in tax rates is recognized as a positive step for everyone who has an interest in real estate in this beautiful corner of the world.
