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Izzy Leizerowitz |
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24 January, 2024 |
2024 Purchase Tax Update & Changes
New Reduced Rates in 2024 for Purchase Tax.
The Israeli government just released the new figures for calculating Purchase Tax/Mas Rechisha for 2024, and based on the inflation index of 2023, leading to higher income and prices everywhere, the taxation brackets have all gone up. The result is that across all brackets, buyers will be paying less in purchase tax than in previous years.
So for example: an Israeli buying his first property here, for 3 million NIS–instead of paying 48,684 NIS for his Purchase Tax, he'll now pay 45,538 NIS, equaling a savings of 3,146 NIS or close to $1,000!
The exact amounts may vary from case to case based on the apartment price and other residency factors, but overall, this is good news for property purchases across all brackets.
Below is the actual tax chart for your review.
The Israeli government just released the new figures for calculating Purchase Tax/Mas Rechisha for 2024, and based on the inflation index of 2023, leading to higher income and prices everywhere, the taxation brackets have all gone up. The result is that across all brackets, buyers will be paying less in purchase tax than in previous years.
So for example: an Israeli buying his first property here, for 3 million NIS–instead of paying 48,684 NIS for his Purchase Tax, he'll now pay 45,538 NIS, equaling a savings of 3,146 NIS or close to $1,000!
The exact amounts may vary from case to case based on the apartment price and other residency factors, but overall, this is good news for property purchases across all brackets.
Below is the actual tax chart for your review.
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