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NEWS - New property tax won't affect property market

Now we all pay the tax again and for second home owners it's double what it used to be. Be before you get all worried, it's not so much.

 

New property tax won't affect property market

January 2013
Richard Edwards
New property tax won't affect property market - Italy

It used to be called ICI until Berlusconi abolished it. Then Monti re-introduced it as L'IMU. It's a property tax that's based on the land registry value of a property.

As residents we paid a small tax until it was abolished and only people that had houses as their second home paid the tax. Now we all pay the tax again and for second home owners it's double what it used to be. Be before you get all worried, it's not so much. For example, on this house in Santo Stefano Roero, in recent past you would have paid 250 Euros a year, now you'll be paying 500 Euros. Not a huge amount of money.

Home owners pay 0.4% of the value on a primary residence and up to 1.06% on a second home. The land registry value has little to do with the actual value of a house. For example the above mention house has a land registry value of just 40,000 Euros!

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