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T Perrin C
T Perrin C, Consultant: information en droit du travail
Category: French Law
Satisfied Customers: 1343
Experience:  8 years as a Senior judge at Paris Conseil de Prud'hommes (Paris Industrial Tribunal)
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This question is about French Taxation issues on listed property

Customer Question

This question is about French Taxation issues on listed property in France which would be a main residence
Submitted: 1 year ago.
Category: French Law
Expert:  T Perrin C replied 1 year ago.
Yes, what would your question be?

Customer: replied 1 year ago.

my question is about the approximate (if not specific) amount of tax my friend might pay on the following kind of property with the following characteristics - and let me know if you need any other information. thank you.


 


The property (property and furnishings) was purchased recently within the last five months it is currently in an SCI. The property was sold for 3.1 million euros. i can tell you approx where it is if you need to know that as i realize that different counties have different tax rates...


 


The chateau, outbuildings, gardens are all listed ISMH as of 1992. There are 195 hectares, which comprise fields, lakes, rivers, and forest. The dependencies consist of various rental suites as well as agricultural barns, workshops, garages, stables, and a very large underground space also.

There is about 1.5 m euros of repairs, renovations, and upgrades that need to be performed, which will make it available as a public park and a rental location and use as a school. It will be open to the public for the required number of days. It is estimated that the restorations will take 3 years to complete, but it will be open for operation after the second year.

Some of these restorations will be energy saving improvements.

The property is expected to have operating costs of 300,000 euros annually.

The property is expected to generate a rental income of 1.2 million euros annually after the 2nd to 3rd year.

The people paying the tax would be living in the property and it would be their primary residence. is there a way to estimate the level of tax with all these actual deductions, that one would pay (obviously there would be inspections etc.) THANKs for getting back to me. I will be happy to rate you..
Expert:  T Perrin C replied 1 year ago.
Constructed properties in France are subject to three types of taxes: impôt foncier and taxe d'habitation for parts of the property used as a residence. Impôt foncier and Contribution foncière des entreprises is payable on constructed parts of the property used for business purposes of any kind. On top of that, the surrounding land in subjected to impôt foncier des terrains non bâtis.
All these taxes are not linked in any to the income generated by the property or the operating costs. The income / losses will depend on business taxation rates.
They are payable on a per square meter basis at rates and criteria fixed by local councils. It is unfortunately impossible to even roughly estimate the amount of taxes dues without knowing the exact specifics of the property (it can vary from 1 to 10000!!!!!), and its exact location. You would need to appoint a tax assessor or a tax lawyer to do this estimate for you. They will need to research the fiscal records of the property to do this.
Customer: replied 1 year ago.

Hi T Perrin i know it is complex and i know all about the general answers you give here already...so unfortunately you are not adding anything i dont know . i am not sure this is anythign to do with you but could you send an internal note to Just Answer to tell them that I am actually a monthly client and i should NOT be billed separately but they are supposed to allow me as many questions as possible in the month. not just one!!! and they should be payin gYOU internally......


 

Expert:  T Perrin C replied 1 year ago.
Hi, I know that I do not answer your question which can only be answered after a detailed and locus specific analysis of the property.
I shall forward your question to JustAnswers. Yet the "deal" is that experts are paid ONLY when their answer is accepted and rated by the customer.
Customer: replied 1 year ago.

i am in correspondence with the administration re how to resolve the payment for you . back to you or they will, soon i'm sure. Thanks for your patience.

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