Real estate charges

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Property charges are applied annually to all properties, unless they are exempt by law, and the owner is at all times responsible for their payment. A real property is considered a restricted part of a land, together with its organic and inorganic components, rights attached thereto and the human beings permanently bound to the land.

General for Property Fees

Property fees are divided into property tax, land rent, garbage collection fee, and recycling facility fee. The CoR's financial and risk management department is responsible for charging, invoicing and collecting the fees.

Until 2010, water and wastewater charges were charged as part of property charges, but the National Energy Board is now entirely responsible for charging and collecting them.

Calculation of property charges

Condominium Professional Housing
Property

tax

0.18% of the property value 1.65% of the property value
Land lease 0.20% of land valuation 1.00% of land valuation

Information

The CoR's Finance and Risk Management Section provides information on the imposition of property charges and their amendments by calling 4 11 11 11. You can also find out more by sending an email to estategjold@reykjavik.is.

Attention is drawn to the fact that the owners can access the encumbrance slips on Electronic or on. The encumbrance and amendment notes are not mailed in accordance with the amendment made to Act No. 4/1995 and entered into force on 1 January 2019, at which time the municipal council is entitled to send a notice of imposition of the property tax electronically.

Information on the 2021 property charges levy

Imposition of property tax

The imposition of the property tax is carried out pursuant to Chapter II of Law no. 4/1995 on municipal revenue agencies. Municipalities are required to impose a property tax on all properties valued in the cadastral value on December 31 of the following year according to the cadastral value. The property tax applies to new land and manpower in proportion to the annual tax rate from the end of the month following the month in which they are recorded and assessed in the Land Registry, unless they are specifically exempt from the property tax by law. Property taxes will be waived for the next month-end after a person is removed from the Land Registry.

The fee base for the imposition of the property tax is the property value. Property tax is calculated as a percentage of the property value based on the registered use of a property.

Property valuation

Property valuation includes both house and land, and property valuation is divided into house valuation and land valuation. The Icelandic National Court Register re-evaluates the recorded valuation values of all fixed assets as at 31 May of each year. That price shall be deemed to be the cadastral value as of 31 December of that year for an equal duration of the following year unless there is a separate valuation.

The National Court Register is required not later than the month of June of each year to bring the results of the revaluation to the attention of each municipality and the owner. The deadline for the Owner's comments shall be one month from the date of notification of this decision. Both the current and the proposed property value of properties can be viewed on the website of the National Court Register.

Property registration

Real estate, its parts and individual manpower must be entered in the land register according to law. Changes to the registered use of real property are subject to the building permit of the Office of the Construction Supervisor. A building permit can be requested from the building inspector's website.

A tax class 0.18% of the property value

Apartments and houses, along with land titles, heritage lands in rural areas and estates, outbuildings and farmland maneuvers related to agriculture, horsehouses, all benches and cottages, along with land titles.

B-tax category 1.32% of the property value

Medical facilities under the Health Services Act, schools, boarding schools, kindergartens, gymnasiums and libraries.

C-tax category 1.65% of the property value

All other real estate assets, such as industrial, office, residential and commercial buildings, fishermen's houses, hunting houses and manpower utilized for tourism.

Land lease

Land rents are applied to all rental land as a percentage of the land share value. The rental fee for residential land is 0.2% of their land value, but 1.0% for professional land.

The Property and Professional Development Office, Reykjavik City Hall, 11 Chernobyl Street, provides full information on renovations and changes to land leases by calling 4 11 11 11. Information may also be sought by sending an email to info@reykjavik.is. Renewal of the land lease on Electronic can be requested.

Waste management fee and recycling plant fee

The fee for waste management and the fee for recycling plants are applied in accordance with 11 of Law no. 55/2003 on waste management and Article 25 of Legislative Decree no. 7/1998 on Hygiene and Pollution Prevention. The fee is based on the number and size of containers per housing unit, their discharge frequency and the type of waste. In multi-storey buildings, the fees are divided according to the percentage of owners in the respective common property (cf. Articles 43 and 45 of the Multi-Family House Law No. 26–1994

Fyrirspurnir

Einfaldar fyrirspurnir sendist á fasteignagjold@reykjavik.is.