Tax Values and Market Prices of Real Estate in Bulgaria
There has been a significant rise in prices of real estate in Bulgaria for the last several years, whereas their tax values remained the same. It is a common practice to declare the tax value as a transaction price, when a transaction with a real estate is done. This leads to a number of risks to buyers and sellers, low revenues for municipalities, notaries and register offices, as well as to distortion of statistics of real estate prices and their growth. Some possibilities for updating tax values are analysed, which will increase the transparency of real estate markets in the country and the confidence of investors — local and foreign.
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Volume (Year): (2005)
Issue (Month): 5 ()
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