Property purchase tax brackets updated

Tax brackets on property purchases, including dwellings and agricultural estates, made on or after July 16, have been updated to 0.31 percent below their previous levels, the ITA said Monday.

By MATTHEW KRIEGER
July 17, 2007 08:05
taxes88

taxes88. (photo credit: Courtesy)

Tax brackets on property purchases, including dwellings and agricultural estates, made on or after July 16, have been updated to 0.31 percent below their previous levels, the Israel Tax Authority said Monday. The new brackets will be in effect until the next update on October 15. According to the new tax brackets, if the house or apartment purchased is the buyer's only dwelling, there is no tax for purchases up to NIS 602,260; 3.5% on amounts between NIS 602,260 and NIS 746,820; and 5% for amounts over NIS 746,820. For a second apartment, the buyer must pay 3.5% in purchase on a property priced up to NIS 746,820 and 5% for amounts above that price. New immigrants must pay 0.5% in taxes on property purchases of up to NIS 1,127,190 and 5% on anything beyond that amount. For farms costing up to NIS 230,550, the buyer must pay 0.5% in taxes and 5% above that amount.


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