25% Off Property Taxes for Private Homes
The Real Estate Tax Authority announces the introduction of new exemptions and concessions for property owners. These include a 25% discount on property taxes when submitting the declaration before the end of September, with an additional discount of up to 5% for early payment, bringing the total discount to 30% for residential units. The threshold for exemption related to personal residences has been raised from two million pounds to eight million pounds, meaning no tax is payable on units with a market value up to this limit, and tax is calculated only on the amount exceeding it. Additionally, declarations can be submitted electronically through a dedicated application, which includes support teams to assist citizens with registration and accessing the discounts. The aim is to encourage unit registration and reduce tax burdens.
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