In North Rhine-Westphalia, private property buyers who have purchased or would like to purchase a house, condominium or plot of land this year can benefit from relief of up to EUR 10,000 on real estate transfer tax. However, the prerequisites for this are that they use the property themselves, that it has not cost more than 500,000 euros and that they submit a subsidy application to NRW.Bank.
Property buyers can submit their application for the subsidy online at the link kundenportal.nrwbank.de/nrw-zuschuss-wohneigentum/#/. The NRW Home Ownership Association is pleased about the funding opportunities. After all, property buyers from NRW have to raise an average of half a million euros for their property purchase - an average of around 28,000 euros of which is due for land transfer tax, which is one of the ancillary purchase costs.
In NRW, Brandenburg, Saarland, Schleswig-Holstein and Thuringia, property buyers have to pay the highest real estate transfer tax rate in Germany - 6.5 percent on the purchase price. According to the NRW Home Ownership Association, the average household has to save for almost seven years just to be able to pay the land transfer tax. For young couples and families in particular, the tax can be a barrier to fulfilling the dream of home ownership.
Sources: wohneigentum.nrw/kundenportal.nrwbank.de/nrw-zuschuss-wohneigentum/#/
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