On July 25, 2012, Galina Khmarksaya (senior associate) drafted an article concerning the new property tax law that has entered into force as of July 1, 2012. In the future, apartment owners where residential area is less than 240 square meters or owners of private houses with residential area under 500 sq. meters, will have to pay property tax in the amount of 1% of the minimal salary (currently 1,102 UAH; revised as of January 1 each calendar year) for each sq. meter of such living area.

Moreover, owners of apartments with residential area in excess of 240 sq. meters and private houses with 500 sq. meters or more will now have to pay a tax in the amount of 2.7% of the set minimal salary for each sq. meter of residential area. Failure to pay in a timely fashion will result in fines and late payment fees.