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Italian Property Taxes

In Sicily like in the rest of Italy, the purchase and possession of a property involves also the payment of taxes. Before we speak about the different rules of the taxes in Italy, it is important to know that the fiscal value of a building is not given buy its market value or its purchase price, but by a figurative value called “Valore Catastale” = cadastral value, that is obtained by the “rendita catastale”, an amount that represent the profitability of the property. The cadastral value of the property is very different from its market value. It is between a third and a quarter of the market value. Having said that, we can examine the various real estate taxes. Buying as a private person involves the payment of a registration fee of 9% of the cadastral value, in addition to an amount of EUR 100.00 for mortgage and cadastral taxes. The purchase by a company, on the contrary, is subject to the added taxes of value (VAT) of 10%, calculated on the cost of the purchase. In both cases, you can significantly reduce the tax burden by the benefits given on the purchase of the “first house” under the following conditions: 

- Commitment to transfer the residence in the property purchased within the next 18 month;


- Non possession other properties in the municipality of the purchased property;


- Not having exploit this benefit in the past.


In this case, the registration tax will be equal to 2% (instead of 9%) or, in the case of purchase by a company, the tax of added value will be equal to 4% (instead of 10%). The owner of a property will then be required to pay two types of annual taxes, both calculated on the cadastral value: The municipal tax or "Imposta Municipale Unica" (IMU) and the tax on indivisible services (TASI). Each municipality decides the rates of these two taxes, with wide margins of autonomy. In most cases, the Italian municipalities adopt the maximum rates prescribed by law, for which the sum of IMU and TASI cannot be beyond 1.06% of the assessed valuation of the property. There is a favorable treatment for the house of residence, as it is not subject to IMU: in this case, the imposition may not exceed 0.25% of the cadastral value. As contribute to the cost of waste disposal, there are to add the taxes on waste (TARI), calculated according to the square meters of the property and the number of occupants. The tenant pays the TARI (a variable rate between 10% and 30%) and the TASI, in the case of rent. The income from the rental of a property in Italy is subject to the payment of
the income tax "Imposta sul Reddito delle Persone Fisiche" (IRPEF), with rates ranging from 23% to a maximum of 43%. These values, however, have an additional rate ("addizionali") established by the region (1.73 % in Sicily ) and the municipality (usually around 0.5%). From the perceived rent, you cannot deduct the cost - of any type - incurred; you have the right to a standard abatement of 5%. Alternatively, to the system just described, but only for residential property, it is possible to submit the income received (without any deduction or abatement and regardless of total income) to a flat rate of levy - depending on the cases – of 10% or 21%. For residential property, you can deduct income tax due, in 10 annual
installments, of 50% of the cost for renovating the building. A similar predicted benefit is, this time for non-residential properties, for certain expenses incurred for the energy improvement of the property. In this case, the tax benefit will be equal to 65% of the total cost.

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