Property for sale in Italy: No More property tax for first house

Property for sale in Italy: No More property tax for first house

Advice on buying Italy Property

What to check
International Property, Advice on buying Italy Property - Amazines.com Article Search Engine: "Enquiries must be made to ensure that the vendor has a registered title and that there are no debts against the property like mortgages or taxes and check the property has the relevant building licences, conforms to local planning conditions and changes have been authorised. Check for selling consent of all family registered owners and water supplies for countryside properties. Property Tax Income tax (IRPEF) is high in Italy and ranges from 10%-60%. Non-residents must submit a tax return stating the details of their Italian property, even though there's no tax to pay if no income is derived from rental etc. The standard rate of VAT is 19%, with reduced rates to a minimum 4%. VAT is payable on new properties at 9% for non-luxury property and 19% for luxury property. The local community tax or rates, ICI, ('Ichy') is paid by anyone who owns property or land in Italy, whether they are a resident or non-resident. It's levied at between 0.4% - 0.7% of a property's value, the actual rate being decided by the local authority depending on the size of the property, location, class and category. If a property is unfit for habitation it could qualify for a 50% reduction. ICI is paid in two instalments in June and December. Mortgages These are available from Italian banks"

Strong Euro and The Italian Property

Real Estate, The Strong Euro and The Italian Property market - Amazines.com Article Search Engine: "The Euro has performed very strongly against Sterling and the US dollar over the past 6 months or more. This has had the effect of increasing the price of property all over Europe, not just Italy by over 15% to buyers from the United States and the UK.

But how does this affect the plans of many from the UK who have planned to buy property in Italy in 2008? Houses and land for sale in Le Marche have increased dramatically in price over the last five years but they started out from a very low base, often the properties were virtually worthless to the owners and they had let them fall into disrepair."