Earlier this week, the long-awaited property tax law bill was finally presented for public deliberation for the first time. The upcoming property tax bill is also expected to grant regions and municipalities budgetary independence. However, the annual property tax increase, excluding inflation, is capped at 0.5% of the taxable amount of the property. To determine property tax, the tax bill suggests categorizing plot areas and subdivisions based on the availability of essential amenities such as water supply, sanitation, and road infrastructure. Wassihun stressed that the new tax law can play a crucial role in utilizing vacant and underutilized real estate resources efficiently.
