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Budapest Muni Council Clears Property Tax for Buildings on Margaret Island

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Photo by Alexey Oblov / Shutterstock.com.

The municipal council of Budapest voted to introduce a property tax on buildings on Margaret Island, according to a report by state news wire MTI.

The proposal, tabled by Mayor Gergely Karácsony, was approved with a vote of 18 for, 12 against, and two abstentions.

From January 1, owners of real estate on the island worth more than HUF 1 billion will pay a 1% tax on the value of their property.

Council members asked Karácsony after the vote to propose to district councils ending exemptions from the property tax for residential property valued over HUF 1 bln.

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