Bill abolishing GEL 40,000 property tax threshold registered at the Parliamentary Bureau; tax to apply exclusively to incomes of GEL 100,000 and above

A legislative amendment concerning property tax, which proposes to scrap the existing 40,000 GEL threshold for individuals, was presented to the Parliamentary Bureau today.

Specifically, the changes mean that the annual tax on both real estate and movable property will be abolished for citizens with an annual income of under 100,000 GEL. Going forward, the tax will only apply to individuals earning 100,000 GEL or more.

Parliament will consider the bill under an expedited procedure.

“The matter concerns the abolition of the 40,000 GEL property tax threshold, leaving only the 100,000 GEL limit. An expedited review has been requested, and we will look to consider both readings on the same day,” Shalva Papuashvili, the Speaker of the Georgian Parliament, noted during the Bureau meeting.

Approximately 81,000 individuals will be exempted from property tax under the measure. The amendment will take effect from October and will also apply to property tax declarations due for the current year.