Good news for property owners. Immovable Property Tax (‘IPT’) will be abolished in 2017.
 
The 2016 IPT charge will be the ¼ of the assessed 2015 tax (before any discount or penalties), provided that the payment will be made until October 31, 2016.
 
Owners who have bought or sold property in 2015 will pay IPT, which will be calculated on the total value of their real estate with the estimated values of January 1, 1980, using the rates applied in 2015 and dividing the amount by four.
 
Taxpayers who will pay the tax in November or December 2016, will pay an amount equal to 27.5% of the 2015 assessed tax. There will be a 10% surcharge for payments after 2016.