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Brussels cuts tax on buying a property

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Brussels cuts tax on buying a property

The Brussels regional parliament has OKed the
lowering of the tax on buying a property, the so called registration fees.  The reduction, known locally as the “abattement”,
means purchasing a property in the Brussels region now becomes cheaper for
many.

Until now registration fees were cut on the
first 175,000 euros of the purchase price. 
This now rises to 200,000 euros.

Home buyers can qualify for an extra
reduction if they agree to renovate the property to cut energy costs.   An
extra 25,000 euros qualifies for the reduction every time the property jumps
energy class. Properties of up to 600,000 euros will now qualify for the
reduction – formerly 500,000 euros.

A bill tabled by Brussels finance minister
Sven Gatz (Flemish liberal) received the support of government parties.  The Flemish nationalists voted against with
other opposition parties abstaining.

The measure could cost up to 40 million euros
but won’t impact on the budget because more properties will change hands generating
higher registration revenue.

People wishing to qualify for the reduction
need to take up residence within two years of purchase.  For properties benefitting from lower taxes
due to energy renovations the term is 5 years.

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