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The final version of the State Budget for 2020 is already known. If you are thinking of buying, selling or even putting a property under local accommodation, you should know the measures that will impact the real estate.
The changes in the State Budget for 2020 include several taxes, both for those who have real estate investments and for their own housing. Let's see ...
If you have a property with a value of more than one million euros (purchase value), whether it is a first or second home, the Municipal Property Transfer Tax (IMT) will increase. It went from 6% to 7.5%.
IMI (Municipal Property Tax)
As for IMI, there is greater rigidity in the criteria for payment’s exemption, namely:
Unmarried couples or non-separated spouses have the possibility to pay the Municipal Property Tax (IMI) in portions and receive the bill together.
Elderly people with low incomes no longer lose the exemption from IMI when they move into family homes.
National monuments and buildings of public interest remain exempt from the tax.
Property income within the scope of municipal programs for providing affordable housing leases is now exempt from tax. This change refers to landlords with a five-year lease and rental amounts under the government's affordable rental program.
Regarding Local Accommodation, we can highlight:
Tenants with contracts prior to 1990, regarding the lease reform, underwent changes in their rents. In case of financial shortages, they earn 2 years in the transition period, which means, 10 years are needed to change the contract in relation to rents.
In order to make the best decisions regarding your properties, you must be attentive to both the real estate market and the legislative changes. However, beware! The information provided here is for information purposes only and does not, under any circumstances, dispense with the consultation of the law currently in force, or of a legal/tax professional.
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