In real estate taxes
, the units are divided into four categories.
Taxpayers who are unable to pay the real estate tax
of their housing units are entitled to apply to the state to bear the tax on their behalf, if they can prove their inability to pay due to social circumstances, in accordance to specific procedures and controls, he concluded.
Real estate taxes
can vary widely from state to state, and not just in the official tax rate: property value can vary widely depending on where a property is located.
There is a complete database that enables officials to see if there are any pending or overdue debts, and the transaction will not be allowed unless a real estate tax
clearance is granted by the tax office.
During this period of declining values, real estate tax
assessments continued to increase.
Unlike homeowners, who incur and pay their real estate taxes
directly, tenant-stockholders of a housing corporation indirectly pay real estate taxes
incurred by the corporation through their rent.
According to existing laws, building owners must pay both real estate taxes
for the building itself and comprehensive land taxes for the land on which the building is located.
The most common seems to be the practice of including existing real estate tax
recoveries as an income item, removing real estate taxes
from the expense side of the income statement, and applying a capitalization rate loaded with the full tax rider or load to the resultant net operating income (NOI), before real estate taxes
Alaa Fekry, member of the Board of Directors of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) said that applying the real estate tax
on units exceeding EGP 2m under specific conditions is a good and balanced tool to increase state resources without harming low and middle-income citizens .
FILE - Minister of Finance Mohamed Ma'it CAIRO -- 19 August 2018: Minister of Finance Mohamed Ma'it will inaugurate Sunday a new real estate tax
building in Al-Tur City, South Sinai Governorate.