When you buy an apartment or any other property, you have to take into account certain additional expenses so as not to have any unpleasant surprises. Indeed, like any real estate transaction, the purchase of real estate is subject to taxes. How to declare it? How will the tax calculation be done? Here is everything you need to know about taxes following the purchase of real estate.
How does the tax department know about your purchase?
Quite simply, the announcement is made thanks to the notary. He is the ideal person in charge of registering your property, but also of collecting the taxes relating to your purchase.
On the other hand, for the housing tax, it is sufficient to file a tax return in the spring, with the appropriate service, mentioning the new home.
Taxes and notary fees
Anyone who expresses a desire to purchase real estate must provide for certain additional costs, such as those known as notary fees. Their rate is 7 to 8% for old homes against 2 to 3% for new buildings. These costs include three elements: notary fees, disbursements and transfer duties.
The tax on the purchase of the property is represented by transfer duties. Thus, the latter vary according to the price of the acquisition. They will then be distributed between the municipality, the department and the State.
On the other hand, there are other types of taxes to be expected each year, in particular property tax and housing tax.
What can be said about property taxes?
When you become an owner, you will be required to pay an annual tax called property tax. Its rate is not predefined. Moreover, it depends on your municipality, but also on the value of your property.
The only way to try to predict it is to ask the seller how much he paid for his property tax. There won’t be much of a difference to what you’re going to pay.
As far as housing tax is concerned, it depends heavily on your household, its composition and its income, which makes it very difficult to predict.
A tax credit or reduction, are they possible?
As for tax credits on loan interest, they no longer exist. Only properties purchased between 2007 and 2010 were eligible, but no longer. On the other hand, you can apply for a tax credit on certain work to be done in your home, such as that of sustainable development.
As for the reduction of taxes, only the Pinel law makes it possible to obtain some. Thus, you will have to invest in new for rental purposes to be able to claim 18% of the purchase price of the property.