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Foreign nationals owning property in Italy should be aware of their tax obligations. While Italy does not impose specific property taxes based solely on foreign nationality, individuals must comply with reporting requirements for foreign assets and income under Italian tax laws. Failure to meet these obligations can lead to penalties.<ref>{{Cite web |title=Italian Property Taxes: What you Need to Know {{!}} Legal Advice |url=https://www.giambronelaw.com/site/advice/real-estate-advice/italian-real-estate/italian-property-taxes-guide/ |access-date=2024-04-19 |website=Giambrone Law |language=en}}</ref>
'''<span lang="it" dir="ltr">Imposta sul valore degli immobili situati all’estero</span>''' (LVIE) is a wealth tax on real estate properties owned outside of Italy. Italian residents who own property abroad are obliged to pay the LVIE. The tax is paid by:
* owners of real estate for any use whatsoever, including those instrumental by nature
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====The 20th century====
At the beginning of the 20th century, it was found out that the tax system in US could not equitably tax the complicated economy. Many reforms were implemented (trying to reduce reliance on property taxes). The most important one was concerned with new narrow personal property tax was established especially for homeowners and intangible assets. Many US presidents have tried to push for lower property tax and for the implementation of income tax.
By the time of the Great Depression, the property tax collection rates dropped as people's income decreased steeply. The Governments mostly cut property tax and implemented sales taxes. After the Great Depression, many movements were formed for addressing claims on the Government with real tax reforms. Many of these reforms were approved and remain the current law.<ref name="auto1"/>
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