The Govern is Merciful with the Owners of Multiple Homes

The Govern decided to be more merciful with the owners of multiple homes. Until now, the property taxation system formula was raising the property tax by up to 300% for a third property. The citizens who own multiple homes will no longer be taxed additionally, according to the new Fiscal Code of Romania. The stipulation comes into effect next year. Until now, the private entities who own two or more homes were paying 65% larger tax for the second property (except the home address), 150% more for a second extra property and 300% more for the third or more extra properties. The latest draft of the Fiscal Code is stipulating that this over-taxation will be eliminated, and the Govern has a simple explanation for this decision: the Read more

Property Valuation Standards

ANEVAR has elaborated the first set of valuation standards adapted to the real estate market from Romania, and they will be mandatory from July 1st 2014. The valuation standards are including the International Valuation Standards, are compliant with the European Valuation Standards (EVS) and include also other standards and additional methodological guides, issued by ANEVAR, according to the documents presented by the company. “It was necessary to adapt the new set of valuation standards to the legislation and to the specific of the market from Romania”, explained Adrian Vascu, president of ANEVAR. “For example, two of the new guides are about determining the taxable value of a building, respectively determining the long-term value of the properties in the case of issuing bonds guaranteed with receivables, and those were elaborated at the request of the financial regulations authorities – the Ministry of Finances and the National Bank of Romania”, declared Vascu. Read more