Buying property in Italy can be a great investment. However, just like buying anywhere else in the world, you have to do your homework beforehand and find out what taxes and other fees you may be liable to pay. In this article, I?m going to give you some basic information about real estate taxation in Italy.
Local taxation
There are several types of local taxation in Italy:
- Imposto municipale is a property tax which is determined by the value of your property. Historically, the ?official? values used to calculate this tax used to be extremely low. However, many local governments are now re-evaluating property prices and increasing their estimated values to reflect real market rates.
- Tassas Comunales is an additional form of taxation which some local councils choose to charge for things like street cleaning, garbage removal and so on. This tax is usually quite small.
Other taxes
In addition to the local property taxes mentioned above, you may be required to pay other taxes as well. Let?s have a closer look:
- Personal income tax has to be paid on all income derived in Italy, even if you are not a resident.
- Property owners have to pay a small tax based on the rental value of their property (even if they are not renting it out).
- Italy has no capital gains tax on real estate sales.
- There are no wealth taxes in Italy (which is quite rare in Europe).
- Inheritance tax is subject to your individual circumstances and should be discussed with a tax lawyer.
In general, property taxation in Italy is quite low, especially when compared to other European countries. Check out http://cercacasa.it for more information about the real estate market in Italy.
Source: http://www.aclibre.org/finance/italian-real-estate-taxes-and-fees/
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