A bill concerning property tax has been introduced in Parliament, according to which only citizens with annual incomes exceeding GEL 100,000 will be subject to property tax.

Amendments to the Tax Code have already been submitted to the Bureau, and Parliament will consider the bill under an expedited procedure.

“The bill concerns the abolition of the GEL 40,000 property tax threshold and retaining only the GEL 100,000 threshold,” Parliament Speaker Shalva Papuashvili said at a Bureau session.

Under the current regulations, households with incomes of up to GEL 40,000 are exempt from property tax. For households with incomes between GEL 40,000 and GEL 100,000, the tax rate ranges from 0.05% to 0.2%, while for households with incomes exceeding GEL 100,000, the rate ranges from 0.08% to 1%.

According to the bill submitted to Parliament, the GEL 40,000 income threshold would be abolished and a GEL 100,000 threshold would be established.

The bill was initiated by MPs from Georgian Dream.