"Hungary's local governments pocketed more than HUF 60 billion from taxes linked in some form to real estate in 2007.These taxes constituted the second-largest source of revenues for the municipalities last year, business daily Napi Gazdaság reported on Wednesday, citing Finance Ministry statistics as the source.
While city halls have been generally objecting proposals on the implementation of a unified real estate tax, they have been gradually increasing the ratio of real estate related tax revenues in their total income.
The HUF 60 bn worth of proceeds from these kinds of taxes corresponded to 12% of total local tax revenues last year. Local business tax had a weight of 84.5% in tax revenues.
The rise in the ratio of taxes linked to real estate within total revenues is indicated by the fact that local governments' proceeds from property tax and land tax rose 14.7% yr/yr in 2007, while the annual increase was 8% in 2006 and 13% in 2005. The improvement may be attributed to shopping mall constructions."
Source: Portfolio Online Financial Journal
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30.04.2008