Prime Minister Vladimir Putin has revived the idea of introducing a unified property tax, which would help local governments with funding during the crisis and noticeably knock down prices for expensive housing.
The government committee on budget planning decided to speed up the introduction of a local real estate tax, Putin said last week, Prime-Tass reported. He said the new tax would replace those on property and land and that it should significantly increase revenue for city governments - not because it will be higher but because it will be progressive. Owners of expensive real estate and large tracts of land will pay more, whereas those with "modest property" will pay a discounted rate, Putin said.
Currently, there are separate taxes for land and the buildings on it, going to either the local or regional budgets.
