Citizens pay 47 million euros in property tax/5 months, increasing revenues for municipalities. Soon taxation on market value
Property tax is among the main suppliers of the budget of municipalities in Albania, despite the problems in its collection and application based on reference prices, except for Tirana, where it is collected according to the market value of buildings.
Official data from the Ministry of Finance show that in the first 5 months of this year, the 61 municipalities in the country have collected approximately 4.7 billion lek or 47 million euros, with a progressive increase from year to year, reaching the highest figure of the last decade for this period. Compared to 2015, revenues from this tax have doubled.
Compared to the period January-May 2024, the tax on buildings supplied by local self-government units has increased by about 1.4 billion lek or approximately 14 million euros.
The need for more revenue and the necessity to pay off the stock of arrears has led municipalities to pay more attention to the collection of the tax on buildings, although its application according to market value has not yet begun.
This performance was influenced by the increase in construction areas, the development that this sector has received mainly in coastal areas, as well as the increase in the number of transactions. The Municipality of Tirana has the largest share in the collection of this tax, followed by municipalities in coastal areas such as Vlora and other large units such as Elbasan.
On the other hand, the draft law "On the tax on immovable property" has recently been submitted for consultation, according to which all immovable property in Albania will be taxed at market value, whether they are residential units, commercial premises, or land.
Referring to the new draft law of the Ministry of Finance, building units included in the category 'residential buildings' will be taxed 0.1% - 0.2%; buildings for economic activity 0.15% -0.25%; Plots included in the category 'agricultural-livestock land and forest land 0.05% - 0.15%; Plots included in the category 'land plot' and 'land with other uses' 0.075% - 0.175%. While for the first apartment, a discount of up to 50% of the taxable value is foreseen, and a number of categories will be exempted from the obligation to pay it, starting from vulnerable groups to 4-5 star resorts that bear international brand names.
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