Tax assessments of real estate in Bulgaria will be updated in phases, with a total increase of 100% planned by the end of 2029. This was announced by Stefan Belchev, Member of Parliament from "Progressive Bulgaria" and Chairman of the Committee on Economic Policy, Investment, and Industry.
The first stage of the adjustment provides for a 30% increase as early as 2027. "For next year, tax assessments will be updated by 30%, and most likely by another 35% for each of the following 2 years. So, by the end of 2029, we will have a 100% update," Belchev specified on public television.
According to him, the change is a logical step, as assessments have not been altered since 2007. "Since 2007, tax assessments have remained anchored. Since then, inflation alone has risen several times, so for me, there is nothing more normal than having an update," the committee chairman argued.
The first legislative steps for the change are expected to be taken soon. Legal experts predict that the measures will be incorporated through adjustments to tax laws, which are set to be reviewed by the end of October, prior to the start of the budget procedure.