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New value-based property tax set to sharply increase bills for home owners

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4 mins read
9 years ago
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TIRANA, Oct. 16 – The new property tax the Albanian government intends to apply next January on a value-based formula initially in Tirana and other main cities is set to sharply increase fees households currently pay to local government units, especially for apartments in downtown areas and villas. While the official coefficient has not been unveiled yet pending the announcement of the 2018 fiscal package, the International Monetary Fund has suggested the Albanian government applies a rate between 0.076 percent to 0.114 percent on the property’s market value, which at an average of 0.1 percent increases current fees by up…

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Story Highlights

  • While the official coefficient has not been unveiled yet pending the announcement of the 2018 fiscal package, the International Monetary Fund has suggested the Albanian government applies a rate between 0.076 percent to 0.114 percent on the property's market value, which at an average of 0.1 percent increases current fees by up to 5-fold, or even more if the construction site value is taken into account

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