A sense of “bien-être,” or “well-being” is what you will find at Le Bien Illuminé. From the natural light streaming in the windows, to the sleek efficient design, to the long list of amenities, all has been conceived to make you feel completely at home and comfortable.
This one-bedroom gem, designed and decorated by Interior Architect Martine di Mattéo, is located on the third floor of a typical Marais building in a centrally located area with all desired services, transportation and commerce.
The volume of property sales in France broke a record with almost one million sales of resale properties in 2017 (968,000 to be exact). Prices increased on the average across the country by +4 percent in one year and higher for apartments (+5 percent) than homes (+3.2 percent).
TAX INCREASES FOR SECONDARY RESIDENCES
Local taxation is in full disarray. Local elected officials are having cardiac arrest as they lose the revenue from the "taxe d'habitation" (residence tax--whomever resides in the property on January 1st) with its repeal programmed in three years for most taxpayers. They are therefore on the lookout for new schemes to compensate for this loss by new revenue channels. One of them is an increase in the "taxe foncière" (land value tax) of second homes. Some cities, have decided to increase this tax up to 60%-- such as Nice. On February 2nd, the Nice City Council voted for a big tax increase on second homes -- the maximum ceiling set by law. Until now, the housing tax had been increased by 20% since it applied to second homes, but this increase will explode in 2019 to reach 60%.
If you become a full and tax resident in France, then the news may be particularly good for you because in the works is an exemption from the tax that will affect 80% of France's residents. This new housing tax rebate relates to households whose resources do not exceed €27,000 for a single person without children, increased by €8,000 for the following two half-shares and then €6,000 for each half-share. Additional starting from the third, or €43,000 for a couple, then €6,000 per additional half-share. I know this sounds complicated, as it is! (Nothing in France is simple.) The family quotient is the number of shares that the tax household enjoys and by which the amount of taxable income is divided in order to apply the progressive income tax schedule. It is intended to decrease the financial burden of families with dependents. The family quotient is in principle applied on January 1st of the year considered. However, the administration will retain the situation as of December 31st if it is more favorable to the taxpayer.
This objective will be achieved in a gradual way over three years: -in 2018, the tax remaining at the expense of such households will be reduced by 30%; -then in 2019 decreased by 65%; -before being completely removed in 2020.
For those of you with secondary residences having your own cardiac arrest...take a deep breath. The property taxes are so low, particularly compared to the U.S., that even a 60% increase won't make much of a dent in your wallet.
COMMUNITY PROPERTY MARITAL REGIME FOR INHERITANCE PURPOSES
If you were married in a U.S. state that has a community property system ("regime communauté universelle de biens"), then you can benefit from this in France when you purchase a property. And if not, then this type of system can be created in France to enjoy the benefits.
As a married couple under this regime, the property you purchase jointly is owned 100% as a couple, rather than in two shares, 50-50. In the event of death, the surviving spouse automatically inherits everything and continues to own 100% with no inheritance taxes due. If ownership is separate, 50-50, then the surviving spouse will inherit one part of the 50 percent, shared with other heirs, and taxes will apply.
Be sure to discuss this with your consultant or Notaire prior to signing your deed!
P.S. To all my friends of Parler Paris and French Property Insider, I make Le Matisse available for short to medium stays while I'm not using it. Those who have already stayed here have found it as delightful as I do, so if you're interested in getting to know Nice, Le Matisse is your answer. Visit the apartment's page or email [email protected] for more information and to book your stay. Then, you can say hello to Henri-le-Cactus for me!
The ADRIAN LEEDS GROUP Apartments
Welcome to your home in Paris. Home is how you will feel in a private apartment in Paris that has the "seal of approval" from ALG, Paris Sharing and me, Adrian Leeds.
Marvelously located between the vast green spaces of the Invalides and the Champs de Mars/Eiffel Tower, this peaceful apartment puts the best of Paris at your doorstep. Walk into the charming and quiet courtyard, and you're already in a different world.
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