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Around now, all of you home owners should be getting an email from the Tax Office. For those of you that are worried, here is a quick translation:
The Government has made a major reform of local taxation. The first act concerns the housing tax "Taxe d'Habitation": 80% of households will be exempted for their principal residence by 2020. Eventually, this tax will be entirely abolished for all principal residences.
In fact, as of this year, 80% of households will benefit from a 30% reduction in their housing tax on their principal residence: you are part of it.
If you continue to meet the income conditions set by law, your housing tax will be reduced by 65% in 2019 and then eliminated in 2020. However, this gain can be reduced if one of the local authorities that taxes you has increased its tax rate or removed benefits to you.
In accordance with the commitments of the President of the Republic, this strong measure is intended to improve your purchasing power.
Please accept, Madam, Sir, the assurance of my highest consideration.
If your property is a holiday home then this does not affect you. You still have to pay for the next few years, though Mr Macron promised the abolition of this tax so it should disappear in the not too distant future. If you have become tax resident in France, it should be reduced by a third this year, by a further third next year, and disappear completely in 2020.
I am sure the irony has not escaped many of you, where in a couple of years the only people paying the "Habitation" tax are the people that do not "habiter" there. When the directive for the complete elimination of this tax, including holiday homes, is published I will let you know here. ... See MoreSee Less
Major change today to traffic in Old Nice. The small road by the opera house used to get to the Promenade (rue Raoul Bosio) is now closed. The biggest change is that the roads Rue Alexandre Marie, rue Desboutins and rue Van Loo, as well as the one behind the fountain in Place Massena, have all reversed direction. See the map. The only way into the Old Town to access parking will be via Descent Crotti.
This change is intended to be permanent, though they will re-evaluate after 6 months, to be followed by the pedestrianisation of the rest of Rue Saint-Francois-de-Paule. The idea is to stop people cutting through the Old Town to get from the city centre to the Promenade. ... See MoreSee Less
The Airbnb effect: Second home buyers renting out properties double
Interesting article in the Dailymail about the "AirBnb effect". Whereas 20 years ago buying a second home was all about finding that "idyllic retreat", today a second home is as much a revenue generator as it is a pied-a-terre. Since then, the number of people buying only for their own use has halved from 83% down to 38%.
Last year a survey shows that 45% of second home buyers intended to both use and rent, and 34% would only rent. Of course chasing higher yields has changed buying habits, with the average price of a second home down 37% to €241,000. The average gross rental yield was 6.4% gross, 3.9% net.
France remains the number one destination for British holiday home buyers, with 19% of the market. Spain follows with 16% and third place languishes far behind with Italy at 6%.
Not in the article, but from personal observation I have noticed a small but growing trend of clients getting somewhat the best of both worlds by simply sealing off a bedroom for personal use. For example a two bedroom being rented out on AirBnb as a one bedroom, with the owners bedroom locked away as their "personal space".
With the number of visitors increasing to Nice every year, and limited number of apartments for sale, this will undoubtedly keep yields high so we expect to see the trend in this article apply here. ... See MoreSee Less
The percentage of second homes being bought with the aim of making them help pay for themselves has grown sharply in the past two decades, claims estate agent Savills.
Well done Nice on pulling off a full on open-air fashion show, free to the public, right in front of the Palais de Rois Sardes. Google Weather tells me it "feels like 31C" so well done to the models putting on such a professional performance.
For those that missed it, there is a celebration tonight in Place St Francois. Live music, even a "Pain Bagnat competition". Free entry. Let the balmy summer nights continue. ... See MoreSee Less