site.btaMPs Reject Update of Property Tax Assessed Value

The Finance Ministry's proposal to update the property tax assessed value of real estate every two years, starting in 2024, if the value has increased by more than 10%, was dropped from the Local Taxes and Fees Act at a second reading vote in Parliament on Tuesday.

The Movement for Rights and Freedoms, Vazrazhdane and There Is Such a People proposed to drop the change between the first and second reading on Tuesday, they also received support from GERB. Continue the Change - Democratic Bulgaria and BSP for Bulgaria voted in favour of the update.

Different local taxes according to the area and type of building will not be applied either.

The change would have allowed municipalities to update property tax assessed value at their discretion. They are currently responsible for building taxes, as well as garbage fees. The connection between the two is planned to be removed in 2025.

The property tax assessed value has not been updated since 2008, resulting in a loss of revenues for municipalities.