The property tax for renovated buildings will be reduced in Riga

The property tax for renovated buildings will be reduced in Riga

Riga authorities are going to increase the discount on property taxes for the renovated buildings and historic buildings, said ee24.com citing baltic-course.com.

The tax discount on homes with heat-insulated facades will be 90%. According to the plan of the authorities it should encourage people to housing insulation and reduce heating costs.

Besides tax breaks will be extended to areas with historical buildings protected by the state and restored and reconstructed monuments of culture. This should lead to a massive restoration of monuments of culture and improve the appearance of Riga.

Discounts will be valid during a period of 10 years.