Parliament approves tax on high-value property

A bracketed tax on property will be introduced from the start of 2010. The rate of the tax will be 0.25pc up to HUF 30m, 0.35pc between HUF 30m and HUF 50m, and HUF 0.5pc on the value over HUF 50m. If the owner resides in the home, the value up to HUF 30m will be exempt from the tax. There will be a HUF 15m exemption on the value of a second property. The law also eliminates the fixed healthcare contribution from 2010.

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