09 March, 2014

The Angers real estate market will experiment an increase of ownership transfer taxes

Alors que le marché immobilier angevin se caractérise par un nombre important de maisons et d'appartements qui ne trouvent pas preneurs, le Conseil général de Maine-et-Loire a décidé fin 2013 d'augmenter le taux des droits applicables aux transactions. La mesure n'est pas neutre pour les ménages. Les Conseils généraux intéressés justifient sa décision par la baisse de la dotation qu'ils reçoivent de l'Etat. 

The Angers real estate market, which is not already in good shape, could be hampered a little bit more by a
decision of the Conseil général de Maine-et-Loire regarding the ownership tranfer taxes. That territorial authority, as well as more than sixty others in France, has decided, and maybe when it was no authorized to do so, in December 2013, to raise those tax from 3.80% to 4.50%.  That increase should be implemented after April 15th.

For the households, the raise is noticeable because it gets real estate transfers heavier : € 717 every € 100,000. It means that a real estate property transfered from a houshold to another one will make heavier the bill by € 1,750 in case of a property value of € 250,000. In that case the amount of the ownership transfer taxes will be € 21,600 instead of € 19,856. The total rate of those taxe is now 7.70% : 4.50% dor the Conseil général, 1.20% for the town or village, 0.11% for miscellaneous taxes, 1.24% for the notary and € 1,300 of diverses expenses.

The territorial authorities having decided that increase had explained it as the result of an agreement with the French state. The ownership transfer taxes would be a compensation for the decrease of state allocations while the Conseil généraux social expenses were soaring. Many candidates to the Angers mayor office , and among them the president of the Conseil général, pointed out the difficult situation of the real estate market in Angers where more than 3,000 apartments and house would be for sale. The increase of taxes may cancel the decrease of real estate prices.

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