A hotly debated tax proposed for those who own three homes or more has been struck down by Israel’s High Court of Justice, according to Globes.
An expanded panel of judges handed down the decision Sunday, determining the proposed multiple apartments tax was illegal.
Speaking for the Court, Justice Noam Sohlberg said in the decision, “There was no alternative but to decide that the legislative process … was defective at its very roots.”
Many investors from abroad purchase apartments for themselves for the holidays and for visits to their family members; they also buy homes for income purposes and other apartments for their children and other family members. Contractors and budding real estate investors also begin by renting out their first home after buying a second one, and then a third, and so on.