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Up to 50% Rise in Bulgarian Property Tax Valuations

Up to 50% Rise in Bulgarian Property Tax ValuationsProperty tax valuations will increase by 5 up to 50% in 2006 under amendments to the local taxes and fees act. Bulgaria's parliament adopted the amendments on Wednesday, citing the increasing market prices over the last five years. The government, who tabled the amendments to the act, says property tax valuations have not been updated since 1999. Property of tax valuation of up to BGN 1400 will not be subject to taxation as expenses in collecting the tax exceed its amount, the MPs decided.

The tax valuation will differ according to the regions in which they are located. The average increase in tax valuations in the capital Sofia is set at 30%. Property, located in villa zones some ten kilometers off the seacoast and the national resorts will see an increase of 50% in tax valuation, while those in resorts of local significance - 20%.

Municipal councils will have to set rubbish collection fees by January 31, the parliament decided. Rubbish collection bills are usually based on the tax valuation of the property.

1 December 2005 - Sofia News Agency

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taxes, property, increase, amendment, bulgaria, parliament

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