Government plans property tax based on market value

Homeowners and businesses in Albania could see property taxes linked to market prices under a draft law published by the Finance Ministry.

The proposal would calculate property tax based on the estimated market value of homes, apartments and commercial buildings.

Residential properties would face tax rates of 0.1% to 0.2%, while business properties would be taxed at 0.15% to 0.25%.

The draft includes a tax break for a person's main home.

Owners of a first home would receive a 50% reduction on part of the property's taxable value, although the final threshold would be set by local councils.

The proposal has been opened for public consultation and has not yet been approved.