This tax shall be paid to the government, and is calculated from the market value during the receipt of the property, but shall be calculated from the net area not the total area.
It is divided into three sections:
This tax varies according to the area of the property, the level of construction and the price per square meter of the land on which the property is built.
The 4% tax is paid to the real estate documentation office, and it is calculated from the actual value of the real estate while writing the title deed with the name of the new owner.
This tax is paid for the municipality, and its value varies between 1% to 6% of the declared value (the tax authority announces the least value for these taxes.
Earthquake insurance is compulsory for real estate owners, where a fixed tax rate is imposed for this type of insurance. Typically, it does not exceed 0.1% of the property value, and it is paid to an insurance company.
These fees are paid for the privileged services in the housing units, like sports fields, gardens, swimming pools, workers and other services which all property owners share. This sort of fees is monthly and fixed, and is paid to the company that offers the services to clean and maintain them so you always find them at their best.
These fees vary from one project to another, ranging from $1.0 to $1.5 per square meter at a maximum.