Israeli billionaire Beny Steinmetz and his family are waging a battle in the Lod District Court against the decision by the Israel Tax Authority real estate tax director in Netanya to impose a betterment tax of NIS 4.35 million for the luxury house sold in Arsuf for NIS 27 million. Roughly NIS 1 million in tax has already been paid to the Tax Authority, and now the amount in dispute is more than NIS 4.1 million. The property was purchased in the 1990s for $2.7 million, which was worth about NIS 8.1 million at the time. The issue of depreciationAnother central claim concerns the depreciation that the Tax Authority applied to the property, a factor that significantly increased the tax payable. The correct way, according to Bouaziz, is to tax the sale as a sale by a single seller, paying a much lower betterment tax than that set by the Tax Authority.