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Up to 50% Rise in Bulgarian Property Tax Valuations

Date: 30.11.2005
Property tax valuations will increase by 5 up to 50% in 2006 under amendments to the local taxes and fees act. Bulgaria's parliament adopted the amendments on Wednesday, citing the increasing market prices over the last five years. The government, who tabled the amendments to the act, says property tax valuations have not been updated since 1999. Property of tax valuation of up to BGN 1400 will not be subject to taxation as expenses in collecting the tax exceed its amount, the MPs decided.
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