Categories: Zim Latest

Rentals to go up as gvt introduces house tax

The Government will now tax Zimbabweans and anyone else who owns houses in Zimbabwe, 1 percent of the house’s value.

This means that if one’s house is worth
US$$400,000, they will pay US$4000 a year to the State.

This was disclosed by Minister of Finance and Economic Development Mthuli Ncube while presenting his 2024 national budget to parliament this afternoon.

Ncube said:

Apparently, this also means that with immediate effect of that tax coming in, rentals will also go up in Zimbabwe as property owners will simply pass on the tax to their tenants.

After about 10 years of paying that tax, a person who owns a house worth US$400,000 will amount to US$40,000 or even more as the house value appreciates.

Zwnews

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