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capital gains, city council, deduction, IMI, irs, property, tax breaks, Urban renewal
Upon approval within the framework of urban renovation, property owners can benefit from the following tax incentives:
- Long-term rental income assessed at 5%;
- “IMI” exemption for 5 years;
- “IMT” exemption for the acquisition of rehabilitated properties;
- 30% tax deduction under “IRS” for costs borne by the owner;
- Capital gains at the rate of 5%.
It is the responsibility of the city council to verify the state of conservation of the property both before and after the restoration. Rehabilitation must maintain building façades, the number of floors above ground as well as any structural elements of heritage value (vaults, archways, metal or wooden structures, etc.)