Photo: wikipedia

Budapest municipality clears property tax for buildings on Margaret Island

The municipal council of Budapest voted to introduce a property tax on buildings on Margaret Island.

The proposal was tabled by Mayor Gergely Karacsony and approved with 18 votes in favour, 12 against and 2 abstentions.

From January 1, owners of real estate on the island worth more than 1 billion forints (EUR 2.4m) will pay a 1 percent tax on the value of their property.

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