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To transfer the ownership of buildings and/or land the Bulgarian property system uses a Notaries and a Notary Act system.
Upon completion of the property and prior to signing the Notary Act, the local municipal council conducts a tax evaluation of the property. This valuation represents the minimum value that must be reflected on the Notary Act. It is this value that appears on the Notary Act in property transactions in Bulgaria.
Tax evaluation rates vary regionally across Bulgaria but in general range from around 25% to 60% of the current market value.
When the individual sells property in Bulgaria, the identical system works with a tax evaluation prior to the Notary Act.
In general, if a purchaser wishes to reflect a value higher than the tax evaluation on the Notary Act, extra costs incurred as a result of this action are paid by the purchaser. These costs can include extra notary fees, municipal taxes and VAT. In particular for new build properties, a higher Notary Act price can increase the purchase price by as much as 14%.
All property prices on www.premierbg.co.uk are supplied by the seller of the property and are based on the local tax evaluation system for the Notary Act unless otherwise specified. |
