The Parliament’s Housing Committee has completed drafting a revised version of proposed amendments to the Real Estate Tax Act and has returned the bill to the Cabinet for review. The revised amendments would set the annual real estate tax formula at 10% of its annual rental value after excluding maintenance expenses from the total, set at 20% for residential properties and 15% for non-residential properties. The original version had set the maintenance expenses at 30% and 32% for residential and non-residential properties, respectively. The tax formula for industrial and tourism properties, as well as mines, quarries, airports and ports, would be based on the size and land value of the property. The amendments would also see the real estate tax increase 10% each year for all properties.