New Fiscal Code: Property tax for apartments to inch up next year

Local taxes will increase by a marginal sum next year for all apartments in buildings with more than three floors, for residences in buildings older than 30-50 years but they will go down for spacious homes, with more than 150 square meters.

The changes are included in the newest form of the Fiscal Code, which was taken down from the official website of the ministry of Finances.

According to the new changes, every family that lives in an apartment in a building with more than three floors and eight apartments in total will have to pay RON 10 more in property taxes. Romania has 3.6 million apartments and the state is set to cash in tens of million of RON extra after making the change.

Initially, the new Fiscal Code established a 20 percent cut on the taxable value of buildings older than 30-50 years. Since that was removed, according to Mediafax, home-owners who live in old buildings will also see their property taxes inch up next year.

However, the new Fiscal Code does not include the rule that for a residence with a surface of over 150 squaremeters, the taxable value increases by 5 percent for every extra 50 sqm. So home-owners with large, spacious residences will likely pay less in property taxes.

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