One financial aspect that affects all home owners is Property Taxes, or Arnona (ארנונה) as it known here.
There are no uniform guidelines for charging property taxes across municipalities, so each municipality sets its own rate and methodology.
As a result, there are instances where houses across the street from each other, different property tax rate.
Usually the municipality will calculate the tax on the area of the house, but will add on common areas and parking spots.
However, the municipality may decide to change/add areas to the calculation and hence negatively affect the cost of living of its residents.
Case in point - the city of Yehud-Monoson, decided to change the methodology of calculating the property taxes on a few buildings that were built about 5 years ago. As a result, some residents found themselves with an annual increase of 2,400 New Israeli Shekels to their property tax bill. Not a great feeling at all. There are a few more buildings currently under construction in the same street.
Residents posted on their balconies signs with the amounts they are expected to pay under the new calculation.
The residents have launched a lawsuit against the City and are now waiting to see what the outcome will be.
Before committing to buy a property, always ask your lawyer to review the property tax information and confirm what is included in the calculation.
Neve Monoson - Yehud
נווה מונוסון - יהוד
