Starting 2016, art. 460 of the Romanian Fiscal Code states that, for legal entities, the property tax is calculated by applying a quota over the tax value of the property, determined through an evaluation report signed by an ANEVAR authorized assessor. The tax quota is established by the Local Council and may vary between 0.08% – 0.2% for residential buildings and between 0.2% – 1.3% for non – residential buildings.
If the property owner has not updated the tax value of the property in the last 3 years before the reference year, the tax quota on the building is 5% of the tax value previously declared.
For 2016, valuation of the buildings/ properties is submitted in the interval between January 1st – March 31, 2017. In order not to pay higher taxes, property owners are advised not to overdue this interval.