Montenegro to Introduce a Tax on Illegal Real Estate

The law will apply to properties whose owners do not have title documents and have not submitted an application for property legalization. It is proposed that the tax be set at 1.5% of the property value in the first year, based on Monstat data. According to the results of last year, the average price of a new apartment per square meter on the coast was 945 euros, in Podgorica 620 euros, and in the north of the country 527 euros. The tax payment will be split into two parts: the first will need to be made by June 30, the second by October 31. In conclusion, it is stated that the tax rate may vary from 0.5% to 2%. It will be approved annually by local authorities. Source.