BREAKING NEWS

Finance Committee postpones meeting to change property taxes

JANUARY 7, 2014 23:15

Knesset Finance Committee chairman MK Nissan Slomiansky (Bayit Yehudi) on Tuesday postponed a hearing that would change the way property taxes (arnona) are calculated in some municipalities. The changes could lead to spikes in some locales.

Slomiansky cited ongoing disagreements with Finance Minister Yair Lapid and Interior Minister Gideon Sa’ar over the issue.

According to Globes, the legislative amendment in question would allow municipalities unable to raise property tax on the basis of balconies, parking spaces and common areas in apartment buildings to do so, provided they receive a waiver.

Municipalities that want to lower their property taxes could also receive permission to remove those items from taxation.

The change would be the first update to arnona calculation since 1985.

Following a 2013 law, financially sound municipalities can raise property tax 0.3 percent in exchange for loaning cash to the government.

The Manufacturers Association of Israel campaigned against high arnona rates, saying businesses could not afford the additional costs.Globes contributed to this report.

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