Individuals who owns non-residential properties will be the most affected as their taxes will go up two-fold and in some cases up to 20-fold, reports local The levels will be decided by local authorities, which will be free to choose a tax rate between 0.2% and 1.3% of the property’s value.


The tax on property owned by individuals is currently 0.1% of the property’s estimated value, regardless of its destination (residential or commercial).


Individuals have been favoured by this system as opposed to companies, which have been paying higher taxes for their real estate properties. Starting next year, there won’t be any difference between taxes paid by companies and individuals on properties.


The only differences in taxation will be determined by the property’s type. (source: