75% cut in property tax

75% cut in property tax in 2016 – buy 1st line apartment

A 75% cut in Property Tax in 2016!

Also from 2017 onwards the immovable property tax will be abolished.

If the payable Immovable Property Tax is paid after the 31^st October and before the 31^st December, a 2.5% penalty will be added to 25% tax, and total amount of the tax will be 27.5% of last year’s dues.

A payment, after 31^st December 2016 will have a penalty of 10% on the 27.5% of the taxable amount.

Lastly, the legislation also provides the abolishment of the tax from January 1st 2017 onward.