Local councils can independently establish incentives for real estate tax payment, – Ostrikova

Local councils can independently establish incentives for real estate tax payment for the certain social categories. This will help to adapt the tax to the realias of a region. This was stated by deputy of the “Samopomich” Union faction, member of the Committee on Taxation and Customs Policy Tetiana Ostrikova.

“A lot of myths about the real estate tax have already appeared, so it is necessary to clearly understand how the tax will be assessed,” said the deputy. She noted that the tax is paid only on the area that exceeds 60 square meters for apartments and 120 square meters for houses. “It means that the owner of the apartment of 90 square meters area, for example, will pay tax only for 30 square meters, not for the whole area. If there are several real estate co-owners the tax will be assessed among them, depending on the size of the share of each of them”, explained the deputy.

She also said that local councils can increase the maximum limit of residential real estate on which the tax base is reduced, and can    also establish incentives for real estate tax payment for individuals, depending on their income and property status.

“Local authorities will determine the tax rate, but it cannot exceed 2% of the minimum wage per year, it means that the rate for 2015 will be approximately 24.36 UAH. In addition, according to the decision of local councils, the tax rate can be set at zero level,” she said.

The citizens will have to pay this tax when they receive the proper payment receipts from the bodies of fiscal services.

Tetyana Ostrikova
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Economics