Developers of unsold apartments in projects under construction will be subject to a 1% tax, in finished commercial and residential complexes - 0,5%. Owners of temporary properties will pay 0,4% tax on their value. In addition, closed terraces in apartments will also be taxed.
Real estate tax is one of the main sources of budget formation in Budva. Its revenue this year will be 37,8 million euros. Revenue from tax collection is expected to reach 12,5 million euros.
