Owners of real estate  in Bulgaria are liable to pay an annual tax on the value of the real estate. The rate varies depending on whether the real estate is used for residential or commercial purposes. The rate for residential property is fixed by the local authorities. For commercial buildings, the rate is 0.15%. The tax is payable at the beginning of each year. These taxes are usually up to the equivalent of  150 EUR per year, and are lower in rural areas.