The 2025 finance law and the Le Meur law of November 2024 profoundly modify real estate taxation and the framework for furnished rentals. Several provisions directly impact the profitability of rental investments, the obligations of co-ownerships, and the conditions for accessing credit. Here, we detail the technical points that deserve immediate attention.
Reintegration of LMNP Depreciation: The Tax Mechanism to Master
Article 84 of the 2025 finance law, amending Article 150 VB III of the CGI, mandates since February 15, 2025, the reintegration of depreciation applied under the real LMNP regime into the calculation of capital gains upon resale. This change removes the historical advantage of the LMNP status, which allowed the deduction of depreciation from rental income without ever having to reintegrate it upon disposal.
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Specifically, the acquisition price used for calculating the capital gain is now reduced by the total amount of depreciation deducted. The taxable base increases accordingly, sometimes significantly for properties held for several years under the real regime.
Exceptions remain for managed residences (student, senior, EHPAD). For any other furnished property, the holding and exit strategy must be recalculated. We recommend simulating the net capital gain before any decision to sell, incorporating all depreciation recorded since acquisition.
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To follow all applicable provisions, a comprehensive overview of upcoming laws in 2025 allows for cross-referencing various tax and regulatory deadlines.
Micro-BIC Allowances for Tourist Furnished Rentals: Effective Reduction from 2025 Income
The Le Meur law n°2024-1039 of November 19, 2024, restructures the taxation of short-term rentals. The micro-BIC allowance for classified tourist furnished rentals drops from 71% to 50%, with a ceiling maintained at 77,700 euros of annual revenue. For unclassified furnished rentals, the allowance falls from 50% to 30%, with a ceiling reduced to 15,000 euros.
This recalibration notably increases the taxable base. A classified micro-BIC owner who previously declared 29% of their revenue will now see half of it subject to tax. For unclassified rentals, the taxable portion rises from half to 70% of gross income.
Micro-BIC vs. Real Regime Arbitration
The shift to the real regime becomes relevant for more landlords, provided that deductible expenses (works, loan interest, insurance, management) exceed the new flat-rate allowance. But beware: opting for the real regime now exposes one to the reintegration of depreciation upon resale.
- Classified Micro-BIC: 50% allowance, ceiling 77,700 euros, no additional deductible expenses
- Unclassified Micro-BIC: 30% allowance, ceiling 15,000 euros, the regime most penalized by the reform
- Real Regime: deduction of expenses and depreciation, but reintegration of depreciation into the capital gain upon disposal
Arbitration can no longer be based solely on current taxation. It is necessary to integrate the holding horizon and exit scenario into each simulation.
Expanded PTZ from April 1, 2025: What Changes for Homeownership
Since April 1, 2025, the zero-interest loan is available across the entire territory, ending the zoning system that excluded many rural and suburban municipalities. The PTZ can now finance up to 50% of the total project cost, compared to a lower ceiling previously.
Income ceilings have been raised, and new individual houses are once again eligible under energy performance conditions. This last point reopens a segment of the new market that had been largely hindered by previous restrictions.
Consequences for Real Estate Professionals
The expansion of the PTZ changes the profile of eligible buyers. Developers operating outside tight zones regain a commercial lever. For asset managers, the expanded PTZ can also serve as a variable in acquisition-resale structures, anticipating increased demand in certain price segments.
Co-ownership Obligations and DPE: Deadlines Not to Be Missed
The multi-year work plan (PPT) becomes mandatory for all co-ownerships with more than 50 lots since January 1, 2025. Co-ownerships with 51 to 200 lots were already affected in 2024, but the extension to smaller structures accelerates the timeline.
Regarding the DPE, properties classified as G are prohibited from being rented since January 1, 2025. Those classified as F will follow according to the planned schedule. For landlords, compliance with energy standards is no longer a strategic choice but a legal obligation that conditions the validity of the lease.
- PPT mandatory for co-ownerships with more than 50 lots since January 2025
- Prohibition of renting properties classified as G according to the DPE
- Obligation to conduct an energy audit before selling thermal sieves (F and G)
- Strengthening of penalties for non-compliance with the DPE displayed in listings
These provisions create pressure on both individual landlord owners and co-ownership syndicates, which must budget for significant work costs.
The combination of the LMNP reform, the reduction of micro-BIC allowances, and the tightening of energy obligations reshapes the framework of real estate asset management for the coming years. The tax arbitrations that have worked for a decade no longer hold. Every decision regarding holding, renting, or selling must be reevaluated in light of these new rules, intersecting current taxation, exit taxation, and the cost of energy compliance.