Wednesday 22 January 2014

Look after the pennies - Purchase taxes drop in 2014

What better time to buy real estate in Italy? Changes in taxation on real estate purchases means that in most cases buyers will pay less than before when they purchase in 2014.

The changes mean a 1% drop in taxes payable on second house purchases, which are calculated on the Buildings Registry value, which is almost always significantly lower than the actual price agreed for the property. This tax is down from 10% to 9%. The major change however, is the tax payable on land, which must be declared at a 'realistic market value', rather than the Land Registry value. This is now charged in line with the tax on buildings at 9%, rather than the previous 18%: a whopping 50% decrease.

These changes are not relevant to every sale, however the vast majority of real estate sales between private individuals will benefit from it. Check out our website for some of the best Italian property on the market:

No comments: