Land and other immovable property are levied with immovable property tax with rate ranging from 0.6% to 1%, depending on the location, size, supply, and demand of the property. The price of immovable property shall be determined by the price registered in the state register of immovable property. If such records are not available, the price shall be determined by the insured sum of the property. If neither the record nor the insured’s sum is available, the value registered in the accounting record shall be used. Taxes are calculated annually and entities pay it quarterly while individuals pay annually.
Buildings or land used by the state, for public purposes, for agriculture or as private residences or buildings built and registered in Free Trade Zones may be subject to several tax exemptions and significant reductions may apply. However, companies operating in industrial parks may also be subject to certain exemptions.
