Today we will discuss a new tax that affects many Ukrainians – property tax. Already in the autumn of 2024, part of the population will receive a notification from the tax authorities about payment for the so-called “additional” square meters. What is this innovation and who will it affect – let’s delve into the details.
Who will it affect?
So, the tax applies to owners of apartments with an area exceeding 60 square meters, or houses with more than 120 square meters. For example, if your apartment is 64 square meters, you will have to pay for the extra 4 meters.
How is the tax calculated?
The tax rate depends on the minimum wage as of January 1 of the previous year. In 2023, this amount was 6700 hryvnias. So each “extra” square meter will cost you 1.5% of this amount – which is 100.5 hryvnias per meter. For example, if you have a 64 square meter apartment, you will have to pay approximately 402 hryvnias in tax for the extra 4 meters.
Special conditions for large apartments and houses
Owners of especially large houses or apartments will also receive an additional bill. If your apartment is over 300 square meters or a house exceeds 500 square meters, be prepared to pay an additional 25,000 hryvnias.
Who is exempt from the tax?
There is good news for those who have an apartment up to 60 square meters or a house up to 120 square meters – you will not have to pay anything. Also, if you have multiple real estate properties but their total area does not exceed 180 square meters, you are also exempt from this tax.
How and when to pay?
If you receive a notification from the tax authorities, you will have 60 days to pay this tax. If you fail to pay on time, penalties and fines await you. So it’s better not to delay and address your tax obligations promptly.
The State Tax Service of Ukraine website offers a special calculator where you can independently calculate how much you need to pay.
The new property tax will affect many Ukrainians, but there are certain exceptions. Therefore, it is better to check your area in advance and calculate whether you will have to pay, and if so – how much exactly.
