Sunday, May 19, 2013

Municipal rates to be doubled on empty apartments

Minister of the Interior Gideon Saar today told the cabinet that he has signed regulations to double arnona (local property tax) on empty apartments, and that he has sent the regulations to Minister of Finance Yair Lapid to complete the regulatory process. The measure is intended to put the empty apartments on the market for rent and increase the housing supply. The regulations are in line with a government decision from March 2012 to expand the housing supply.

The government decision was part of the implementation of the Trajtenberg Committee recommendations for socioeconomic change. The report estimates that there are 46,855 empty apartments in Israel, on the basis of Israel Electric Corporation reports. After Lapid signs the new regulations, they will be sent to the Knesset Finance Committee for approval.

Source Globes

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