January 26th, 2012

Budapest local governments mull new taxes on residential properties

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A growing number of local governments in Budapest are planning to levy new taxes to replenish their budgets as they struggle to ward off the effects of a financial crunch. Currently only five of the 23 Budapest districts are collecting so-called communal taxes, a type of property tax on residential properties. But more are planning to introduce similar taxes in the near future.

One example is District XIV, which will require its homeowners to pay an annual HUF 12,000-25,000 from later this year, which it hopes will generate an extra HUF 1 billion in revenue.

Meanwhile, Distict VIII has also indicated that it may join the club of mostly Buda districts collecting communal taxes ranging between HUF 9,000 and HUF 25,500 per head a year.

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