Property taxes to be slashed in Costa del Sol town

ESTEPONA’S Town Council has reached zero debt which will allow an average 20% reduction in the Property Tax.

The Mayor José María García Urbano of the People’s Party announced the slash of property taxes during a plenary hall meeting on Thursday morning.

READ MORE: Raft of new property taxes to hit foreign buyers and tourist flat landlords to ease Spain’s housing crisis

Urbano inherited a debt of €304 million when he became mayor in 2011. It was one of the most indebted councils in Spain, with an average of €4,600 per inhabitant.

The Popular Party mayor set out to address this debt, launching a repayment plan where an average of €60,000 a day was spent. Just €26 million is now left to be paid.

García Urbano publicly signed the municipal decree implementing the 20% property tax reduction. 

READ MORE: Spain’s proposed new property tax for non-EU citizens ‘likely to apply to Gibraltarians even in the event of a deal’

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