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Real estate terms that begin with I

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Letter I

Property income tax

People who receive rents for bare rented real estate are required to declare them every year in May. Landlords file a specific declaration n° 2044 if they fall under a so-called real regime. If they fall under a so-called micro-land regime, landlords mention the rents on their tax return No. 2042. This income, once the property charges have been deducted (either for their actual amount or for a lump sum of 30%), is added to the other income of the tax household to be subject to the progressive scale of income tax, and social security contributions.

Rates

Any owner of a built or unbuilt property (land for example) is liable, with regard to the tax authorities, for the property tax on built properties and / or on unbuilt properties. To this property tax, is added the housing tax due by the occupant of the property, that is to say the owner of the property himself or the tenant if the property is rented for a fee (that is to say against payment of rent) or free of charge (free occupation). For these two taxes, it is necessary to assess the situation on 1 January of the year. Thus for a tax due for the year 2019 (the roll being received generally around October 2019), the property tax is due by the owner of the property on January 1, 2019. The housing tax is due by the occupant of the property on 1 January 2019 provided however that the property is furnished and assigned to housing. It should be noted that in the event of transfer of the property after January 1st, it is possible to agree between the seller and the buyer that the latter will bear part of the property tax in proportion to the time elapsed from the date of the sale until December 31 of the year of transfer.

Indivision

When several people own a property together, each with a share, the property is subject to the regime of indivision.
Indivision is common after a death: the property of the deceased is in joint ownership between his heirs. It is also encountered when cohabiting partners, or PACS partners, buy a property together.
The sale of a property in joint ownership requires the agreement of all the co-owners (or a decision of the judge). But the current acts, which are called acts of administration, can be performed by one or more co-owners holding 2/3 of the shares of the indivision.