Property Tax in Bulgaria Would Rise by 30 per cent

Property tax in Bulgaria’s largest cities, such as Sofia, Varna, Bourgas and Plovdiv, would rise by 30 per cent, Deputy Finance Minister Georgi Kadiev said on October 14. According to the plan, the increase in mid-size towns will come to 25 per cent, while the rate in small towns will be increased by 20 per cent. The tax hike will result from updating the tax evaluation of real estate. The move will push the sum needed for transfer of immovable property, which is calculated as a two per cent charge on the property’s tax evaluation. The last update of the evaluations in this country was carried out in 1998.

Source: The Sofia Echo