Real estate tax slated for 2008

The Finance Ministry will introduce a tax on all private real estate from 2008, according to a draft obtained by Magyar Nemzet.

The ministry issued a statement that a property tax must be formulated for reasons of fairness, so that those with property should be taxed not only on their visible income, but also on their property.

The highest tax on the most expensive properties, would be 1.5%. Properties not used as appartments would be taxed at 1%. The annual tax would rise incrementally from 0.15% on properties worth up to Ft 10 million, 0.3% on those valued at Ft 10-20 million, 0.5% on those worth Ft 20-50 million, 1% on those worth Ft 50-100 million, and 1.5%, on those over Ft 100 million.

The opposition rejected what it called an "anti-social plan."

The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.

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