Property purchase taxes adjusted

Tax brackets on property purchases, including dwellings and agricultural estates, made after October 16, have been shifted 0.11 percent from their previous levels, in accordance with the index of owned home prices, the Israel Tax Authority said.

By DANIEL KENNEMER
October 18, 2006 06:56

 
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Tax brackets on property purchases, including dwellings and agricultural estates, made after October 16, have been shifted 0.11 percent from their previous levels, in accordance with the index of owned home prices, the Israel Tax Authority said. Following the change, if the house or apartment purchased is the buyer's only dwelling, a purchase of up to NIS 575,490 is exempt from tax. A 3.5% tax must be paid on a purchase between NIS 575,490 and NIS 713,625 and 5% tax if the house costs more than NIS 713,625. For a second home, buyers must pay 3.5% in tax on a purchase price up to NIS 713,625 and 5% for purchases above that level. Immigrants must pay 0.5% in taxes on property purchases of up to NIS 1,077,095 and 5% on anything beyond. For farms, the buyer must pay 0.5% tax for purchases up to NIS 220,305 and 5% on buys over that amount.

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