Fasteignaskatt

Fasteignaskatt is the Icelandic term for property tax. It is a municipal tax levied on the value of real estate, including land and buildings. The primary purpose of fasteignaskatt is to fund local government services such as infrastructure, schools, and public safety.

The tax rate varies by municipality and is typically calculated based on the assessed value of the property. Municipalities have the authority to set their own tax rates within certain legal frameworks. Property owners are responsible for paying this tax, usually on an annual or semi-annual basis. The assessment of property values can be periodically reviewed by municipal authorities. Exemptions or reductions in fasteignaskatt may be available for certain categories of property owners, such as the elderly or those with disabilities, depending on local regulations. The specific rules and rates are detailed in municipal tax ordinances and national legislation governing taxation in Iceland. Information on fasteignaskatt for a particular property is typically managed and collected by the local municipality where the property is located.