Large property tax increase in Paris in 2023

Large property tax increase in Paris in 2023

Faced with a tight budgetary situation, Paris Mayor Anne Hidalgo has decided to raise the property tax by 7 points and reneged on her campaign pledge not to raise taxes, she said in a letter on Monday.

The property tax rate will rise from 13.5% to 20.5% in 2023, with the exception of owners who are thermally renovating their homes and are “in economic difficulties” as well as recipients of solidarity payments (Aspa, ASI, AAH), the elected socialist specified in a letter to her voters.

Both of these categories will benefit from full exemption. For the others, the real estate tax of an owner of 50 m2 falls from an average of 438 to 665 euros and of 75 m2 from 576 to 874 euros, according to the figures communicated by the city.

Property tax “is the lowest in France today at 13.5% in Paris versus an average of 41.61% in major French cities and has not increased since 2011,” argues Anne Hidalgo.

The capital of 2.1 million inhabitants has only 32% owners, a percentage that is too lower there than in other cities, stressed First MP Emmanuel Grégoire during a press conference, praising “a very important effort” for the taxpayers concerned.

“We said during the election campaign (local elections 2020) that we would not increase taxes,” admitted the elected socialist, “but a lot has happened since: the Covid crisis, the Ukraine crisis, the energy crisis (… ), systemic crises that are long term”.

This decision “will allow us to maintain a high quality of our public services, to continue investing in housing, in the ecological transition, in the preservation and modernization of our heritage and equipment, in the beautification of our streets and our gardens,” says Anne Hidalgo, which plans investments of 1.7 billion for 2023.

This increase should bring the City 2023 additional revenue of 586 million, calculates financial assistant Paul Simondon.

According to this other socialist-elected, the city will borrow just 514 million in 2023, up from 860 this year, and its outstanding debt should be around 8 billion euros.

(with AFP)


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