Authorities Eliminate Tax for of Ownership Transfer of Cheap Housing and Land

As of today, February 1, 2017, transactions with land and buildings are exempt from the property transfer tax, if they fall within the ceiling of 450,000 lei (about 100,000 euros, at the current exchange rate).

A tax of 3% of the transaction price is applied to properties with a value higher than this amount. Still, the amount of 450,000 lei is deducted from the calculation base, as far as the exemption is applied.

The property tax for an apartment, land, or other real estate is calculated before a real estate transaction is made and is paid to the notary before the sale-purchase contract is validated.

This provision is in the Government Emergency Ordinance no. 3/2017 for the amendment and completion of Law no. 227/2015 on the Fiscal Code, which enters into force today.

Specifically, the costs of the real estate transaction will decrease by 3%, compared to the previous year, for an apartment, house, or land that costs less than 450,000 lei.

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