Thursday, July 16, 2015

Property Tax rise of 21%

The PP have agreed to raise the property tax that we pay by 21% in return for a loan of 1.22827 million euros which will allow the council to pay off a bank loan taken out by the previous administration. The money, which is coming from the Ministry of Finance, will be paid back over 10 years - possibly 20. They say that this will save the town 720,000 euros in default interest and legal costs.

The new mayor, Teresa Belmonte, says that they can use to money saved to pay for the planned scheme to hire and train young people that could not be implemented before due to lack of council funds.

In relation to the rise in IBI, Belmonte says that, for a property with a value of 50,000 euros, the cost will be 34.50 euros. She says that this will be offset by a reduction in the cost of waste collection of 42 euros. Those who have properties valued in excess of 50,000 will of course lose out.

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