The Brussels regional parliament has OKed the lowering of the tax on buying a property, the so called registration fees. The reduction, known locally as the “abattement”, means purchasing a property in the Brussels region now becomes cheaper for many.
Until now registration fees were cut on the first 175,000 euros of the purchase price. This now rises to 200,000 euros.
Home buyers can qualify for an extra reduction if they agree to renovate the property to cut energy costs. An extra 25,000 euros qualifies for the reduction every time the property jumps energy class. Properties of up to 600,000 euros will now qualify for the reduction – formerly 500,000 euros.
A bill tabled by Brussels finance minister Sven Gatz (Flemish liberal) received the support of government parties. The Flemish nationalists voted against with other opposition parties abstaining.
The measure could cost up to 40 million euros but won’t impact on the budget because more properties will change hands generating higher registration revenue.
People wishing to qualify for the reduction need to take up residence within two years of purchase. For properties benefitting from lower taxes due to energy renovations the term is 5 years.