A new agreement between the Danish government and municipalities will allow councils greater autonomy over setting taxes on real estate at a local level. From next year it is anticipated that property taxes will be significantly higher as a result.
The amendment to Danish tax law will allow local authorities tax to increase taxes on real estate by as much as 7% from the start of the year, a substantial increase on the current cap of 4.7%, set in 2003.
According to Danske Bank Analyst Las Olsen "The decision to allow the basic tax on land to rise by 7% means in practice that the municipal property tax will increase by 7% in most areas", a decision he estimates will see property taxes rise DKK600 (USD115) annually, and by several thousand Kroner in more affluent areas.
A comprehensive report in our Intelligence Report series dealing with the issues raised by international property investment, and the possible taxation implications raised by such purchases, with an account of the likely (and some less obvious) potential countries for your consideration, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report15.asp
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