What is property tax and how is it calculated?

If you own real estate, it’s important to understand what property tax is and how it is calculated. Here are a few key points:

1. What is taxed? Both residential (apartments, houses) and non-residential properties (garages, offices) are subject to property tax.
2. Tax amount: the rate depends on the size of your property and is determined by local authorities. Often, the rate does not exceed 1.5% of the minimum wage per square meter.
3. Exemptions: there is a possibility to receive exemptions or a reduction in the tax amount if your property size does not exceed established limits.
4. Payment deadlines: the tax must be paid within 60 days of receiving a notice from the tax service. Late payment may result in penalties.
5. How to pay? payment can be made through a bank, online services, or at a post office.