The tax of 0.76% is calculated, in the case of properties in the EU, on the rateable value for tax purposes and in the case of non- EU properties it is calculated on the purchase price of the property, failing production of which it is calculated on the market value less any tax that has been paid abroad (where the tax is a direct taxation on the property and not on the individual living in the property,as in the case of UK council tax).
It will be charged on an annual basis.
As a lawyer friend in Rome, Mr Andrew Colvin, pointed out:
"It raises all sorts of difficulties for expats who have retained a property in the UK or elsewhere, and will apply even where that property is not let.
Tax planning has never been so important in the time that I have been in Italy. The days of trying to avoid the various tax laws and find ways around the system are numbered if not dead already. Monti is making a real effort to clean up the system (and rightly so) and he has given the authority and reward to the people who can make it happen.
However, there are still ways to legitimately reduce your tax liabilities in Italy and streamline your finances to make living here more easy.
See my post on Tax Efficient investments for Italy for more details
Tax Efficient Investments for Italian Expats
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