28 October 2019 – Last week, the government of Madrid approved the first part of a promised tax cut. The new regulations increase the capital-gains tax bonus on inheritances of property; reducing the general Property and Real Estate Tax (IBI) rate. The government also reduced waste collection fees.
Immediate descendants and spouses can access the benefit, which is expected to save roughly 13.62 million euros per year for a total of 14,000 taxpayers. Currently, the government applies a 95% reduction to real estate taxes for properties with a cadastral value of up to 60,000 euros.
The government also increased the benefit from 75% to 85% for properties with a cadastral value of between 60,000 and 100,000 euros, rising from 50% to 70% for
Original Story: ABC Madrid – Marta R. Domingo
Adaptation/Translation: Richard D. K. Turner