Balconies will be taxed as part of a property

The Ministry of Finance has issued a circular instructing built property tax offices to consider balconies, whether open or closed off with glass or aluminum, as part of the apartment area and therefore taxable.

Tenants will have to pay additional tax for the balconies within their properties, as the fiscal administration will now increase its estimation of the rental value (when the owner is also the tenant). The ministry said, to justify this measure that “developers and apartment owners consider the balconies, whether closed or not, part of the overall area of the apartment.”