Property Tax in 2023: Everything You Need to Know
Why the Property Tax Increase in 2023?
The government chose not to cap the revision of rental values, resulting in a widespread increase. Added to this is the loss of revenue due to the abolition of the housing tax on principal residences. Some cities, such as Paris, have even seen their property taxes rise dramatically, up to 59% for some sectors. The consequences are not negligible, especially for the owners of several properties.
Who Has to Pay and How Is It Calculated?
If you own a property on January 1 of the current year, expect to receive your property tax notice in October. The calculation is based on the cadastral rental value, updated annually, and the rates set by the local authorities. Leased property does not exempt its owner from this tax; On the contrary, the burden always lies with the owner.
Exemptions and Reductions
Although the property tax is a significant burden, there are cases of partial or total exemption, especially for the elderly or disabled. In addition, some properties may benefit from rebates, or even temporary exemptions due to energy-saving work, for example.
Robert Kiyosaki
As Robert Kiyosaki points out, knowing how to manage your finances is essential in any real estate investment. Property tax, often overlooked, can have a significant impact on your profitability.
Understanding its calculation, its increases and the means to deal with them is therefore essential. I hope this video and this article have helped you to see more clearly.
Remember, the devil is in the details and a successful investment is a well-planned investment. If you have any questions or would like personalized advice, do not hesitate to contact me.
Posted on 06/09/2023 by
Cyril POTTIER
Entrepreneur and founder of the agency GABRIEL FRANCE, my career began in the field of accounting, but my passion for real estate led me to this captivating adventure. With GABRIEL FRANCE, we bring our expertise to every stage of real estate, from purchase to sale, including rental management. Through each transaction, our goal is simple: to ensure your satisfaction.
