Latvia, Legislation, Real Estate, Taxation
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Saturday, 20.04.2024, 12:11
Real estate tax rate for landowners in Riga will increase in 2016
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The real estate tax rate will also increase for households without any registered residents, for unattended land plots, as well as for unwarranted construction objects. The new regulations were prepared by the Riga Municipality's Revenue Department.
The new regulation stipulates a tax rate of 1.5% from cadastral value of property unit for land plots in Riga administrative territory. Meanwhile, families with one child will get a tax relief in the amount of 50%, but families with two children – 70%.
Furthermore, it will also be taken into account, whether the specific property is officially declared as a place of residence by a specific person. There currently are about 38,000 apartments in Riga with no registered residents.
The real estate tax rate will be increased for such apartments in order to motivate the populace to declare their place of residence.
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