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Property tax hurts Hungary's used-car market

The property tax on cars with engines of over 170 horsepower introduced on January 1 has had a negative impact on Hungary's used-car market, reducing the value of certain vehicle models by hundreds of thousands and even millions of forints, the daily newspaper Népszabadság wrote.

Weltauto Marketing Director Zoltán Horváth told the newspaper that the company would have to pay the new property tax on 10% of its used-car models.

Datahouse Kft. reported that the new property tax would apply to 85,600 of the 3.1 million cars operating in Hungary.

Népszabadság said that the government would generate between HUF 2.5 billion (€9.16 million) and HUF 4 billion in revenue from the new property tax on vehicles per year. (MTI-Econews)