Stable Owners Shocked by New Real Estate Tax PDF Print E-mail
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Written by Iceland Review   
Wednesday, 08 February 2012 00:00

Approximately 200 stable owners attended a meeting at the community center of Fákur, a horse owners’ association in Víðidalur, Reykjavík, on Monday where they discussed Reykjavík City Council’s decision to significantly increase the real estate tax on stables.


Icelandic horses. Photo by Geir Ólafsson.

The tax is set to increase from 0.225 to 1.65 percent, which means an annual increase from approximately ISK 16,000 to 134,000 (USD 130 to 1,100, EUR 99 to 825) for the average stable, Morgunblaðið reports.

Chairman of Fákur Rúnar Sigurðsson said people are angry and described the whole affair as a blunder; stable owners did not receive any prior notification of the change.

“It is also interesting that they decide to tax stables as industrial buildings, even though they are located in an area defined as an outdoor recreation area,” Rúnar said.

The City of Reykjavík’s representative at the meeting, Sigurður Björn Blöndal, said they were obligated to raise the taxes in accordance with the conclusions of the senior real estate estimation committee but if there are others ways they are open for discussion.

Stable owners will attempt to find a solution, meeting with a representative from the Ministry of the Interior today. The matter will be discussed by the City Council tomorrow.


Last Updated on Wednesday, 08 February 2012 09:33

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