Understanding Hungary's Property Acquisition Tax: Your Guide
- Ricardo Batista
- Hungary
- June 7, 2024
Obtain a fair market valuation for the property you intend to purchase. This is usually done by a certified real estate appraiser.
Review tax rates based on the location and value of the property. The relevant tax rates can be found on the Hungarian Tax and Customs Administration website .
Calculate your Property Acquisition Tax obligation by applying the appropriate rate to the market value of the property.
Upon acquiring the property, register the property with the local land registry.
After notification from the tax authority, pay the calculated tax through direct bank transfer to the Hungarian Tax Authority.
- Property Deed
- Property Valuation
- Personal Identification Documents
- Bank Account Details
- Please keep in mind that certain legal exemptions may apply where the Property Acquisition Tax might be reduced or not payable at all.
- Tax payment should be completed promptly upon receipt of the payment notice from the Hungarian Tax Authority to avoid penalties and interest.
- For complex cases or for those not familiar with the procedure, it may be beneficial to hire professional assistance from real estate agents or legal advisors experienced in Hungarian Property laws.
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Table of Contents
Description
What is it?
Property Acquisition Tax is a one-time tax obligation that property buyers are required to pay in Hungary when they acquire property. The tax rate varies from 2% to 4% of the property’s market value.
Who needs it?
This obligation affects anyone who is purchasing a property in Hungary. This includes Hungarian nationals as well as international individuals and entities interested in owning property in Hungary.
Procedure
Please note this is the general process, some variations may apply based on specific circumstances.
Required Documents
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