It may just be pre-election tittle tattle but rumours are rife in Italy that the hugely unpopular property tax ‘IMU’ is set to be scrapped.
Article written by The Overseas Guides Company
Current Prime Minister, Mario Monti has reportedly declared that if re-elected he will alter the levy imposed by his cash-strapped government which saw Italians being taxed for the first time on their primary residences and non-residents also being taxed on their second homes. He isn’t alone, controversial opponent Silvio Berlusconi has also jumped on the bandwagon and said that he will be abolishing the tax if re-elected to power – which looks increasingly likely.
Recent popularity polls have revealed that Berlusconi is currently leading the election race, followed closely by centre-left coalition leader Pier Luigi Bersani. At present, Mario Monti is bringing up the rear in third place.
The general consensus of opinion for those in the political race is that Italy’s property tax has to be altered if recovery is to occur, with Monti explaining that “taxes need to be cut”, but also stressing that “no one should be making promises that cannot be kept”.
Whatever the reforms put into place by the next government, it is their imperative to help reverse the descent of property prices in order to get the market back on track by 2015.
For details of property for sale all in Italy, visit the Italy listing on Rightmove Overseas. One way to save money when buying and restoring property in Italy is to use a currency specialist when transferring your pounds into euros to complete the purchase. For more information on this, contact Smart Currency Exchange.
To understand the full step-by-step process to buying a property in Italy, collect The Overseas Guides Company’s ‘Italy Property Buying Guide’
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