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Hungary’s largest home building program will start on January 1, as part of which VAT on the purchase or construction of newly built properties will be reduced from the current 27% to 5%, he recalled.
The condition for this is that the property is purchased after January 1, the apartment can have a maximum of 150 square meters, the house can have a maximum of 300 square meters.
If we use the CSOK option for all this, we can claim this 5% VAT, so if CSOK is added, it is possible to buy or build a new apartment completely without VAT – noted the minister in his recent Facebook video.
We have written in detail about the changes related to the housing tax here, the gist is that the 5% housing tax is applicable until December 31, 2026, if the building permit was made final on December 31 2022 at the latest, or its construction was notified by that date according to the simple notification rules. The tax rate applicable to transactions completed during 2020 has yet to be determined based on a transitional rule related to the withdrawal of the 5% rate on December 31, 2019.
As we have already pointed out:
WITH THE FAVORABLE RULES OF VAT, ONLY FOR THOSE WHO USE A PEOPLE’S EFFORT IN COMPLETELY OWN STRONG CONSTRUCTIONS. OTHERWISE, HELP CAN ONLY BE REQUESTED FOR THE PURCHASE OF NEW PROPERTY COMPLETELY COMPLETELY BY ANOTHER CONTRACTOR.
In yesterday’s interview with Portfolio, Katalin Novák drew attention to the latter: “there are almost 2,500 settlements, as well as farms where the town’s CSOK can be used, awhere they can use the VAT refund option for up to 5 million HUF for their own construction. Previously, there was no VAT of 5% on construction works. In the case of home purchases, the final sales VAT also decreased. Anyway, the 5 percent VAT will still be available for those who build a family home: they have to hire a general contractor and buy an apartment from him. And for those who buy using CSOK, even the 5 percent VAT will be refundable from January 1. Also, don’t forget to waive the home purchase tax – anyone who has ever bought a property will remember exactly the feeling in their stomach when the decision to levy the tax comes. In the case of a 30 million apartment, we will release 1.2 million guilders, which is twice the CSOK available to a family with a child or even a single parent. Tax breaks can also help to boost the housing market. “- said the Minister of Family Affairs in the interview.
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Cover image: Donát Kékesi
Search for HelloVidék CSOK village settlements belonging to Portfolio Group: individual information, house prices, census data, economic statistics, other indicators on 2486 settlements.
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