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 31st October and before the 31st 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 31st 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.