Czech Republic is going to increase property tax next year

What has happened? Most owners in the Czech Republic will face an increase in property taxes next year, and some will pay thousands CZK more, wrote news portal Czech Daily.

Quote. "Current property tax rates for 2024 will increase to approximately 1.8 times their current value. This increase applies to all immovable property, provided it is not exempt from tax or the subject of tax", said Finance Ministry spokesperson Petra Vodstrčilová.

Details. While municipalities will have the option to cut the tax by about a tenth, few are expected to do so, local government officials said.

Examples.This year people paid CZK 1,720 (about €71) for an apartment of 70 sq. in a residential building in the Zizkov district of Prague. According to calculations by the Financial Administration, next year with the proposed increase in the basic tax rate this amount will rise to CZK 3,010 (€123).

Source: Budapest Business Journal

Photo by Jaromír Kavan on Unsplash

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