Property Tax: Its provisions, who are exempted
Property Tax: Its provisions, who are exempted
The new regulations have almost closed and the Greek economic team leaves little room for further changes and improvements during the parliamentary debate
Provides for relief of 50% - 100% for those who prove they cannot pay - The criteria for exemption - 3 euros to 9,000 euros taxation per acre for plots
The filing in Parliament of the Law on the new property tax is postponed for next Monday as according to reports corrections are being made up to the last minute.
However, the new regulations have almost closed and the Greek economic team leaves little room for further changes and improvements during the parliamentary debate.
With the last-minute changes, however, it seems that those who prove they are unable to pay the tax will be exempted. The exemption will range from 50% to 80% or 100% depending on each case and how many of the criteria are covered by the taxpayer.
The criteria will be:
- the property owner should not exceed an objective value of 150,000 euros
The filing in Parliament of the Law on the new property tax is postponed for next Monday as according to reports corrections are being made up to the last minute.
However, the new regulations have almost closed and the Greek economic team leaves little room for further changes and improvements during the parliamentary debate.
With the last-minute changes, however, it seems that those who prove they are unable to pay the tax will be exempted. The exemption will range from 50% to 80% or 100% depending on each case and how many of the criteria are covered by the taxpayer.
The criteria will be:
- the property owner should not exceed an objective value of 150,000 euros
- people with disability at 80% and above will have an 80% -100% exemption
- the declared income must be on the poverty line (about 10,000-12,000 euros per year for a single person)
- properties that are blocked by the State are exempt from taxation
- unfinished buildings will be taxed at a rate of 0.4 (60% discount)
- it is being considered to have a 30% reduction for buildings with paused electrification
According to reports, the Single Property Tax (EFIA) will provide:
- 2-13 euros tax per sq.m. and with 12 levels depending on the area for homes, for auxiliary spaces there will be a 90% discount
- basic tax from 3 euros to 9,000 euros per hectare for land, with 25 levels depending on their region
- additional tax of 0.1% on total property of 300,000-400,000 euros, 0.2% for 400,000 to 500,000 and 1% on 5,000,000 or more and only for residential real estate
- 1 euro tax per acre on parcels multiplied by a factor of 1-3 depending on the region. The tax increases 10% if the land is irrigated and doubles if it bears crops. It will be reduced if the land is under expropriation (-25%), if it is pasture land (-50%) or if it is a forest area (-90%)
- businesses will be taxed on their property but with a 50% discount on tax.
- the declared income must be on the poverty line (about 10,000-12,000 euros per year for a single person)
- properties that are blocked by the State are exempt from taxation
- unfinished buildings will be taxed at a rate of 0.4 (60% discount)
- it is being considered to have a 30% reduction for buildings with paused electrification
According to reports, the Single Property Tax (EFIA) will provide:
- 2-13 euros tax per sq.m. and with 12 levels depending on the area for homes, for auxiliary spaces there will be a 90% discount
- basic tax from 3 euros to 9,000 euros per hectare for land, with 25 levels depending on their region
- additional tax of 0.1% on total property of 300,000-400,000 euros, 0.2% for 400,000 to 500,000 and 1% on 5,000,000 or more and only for residential real estate
- 1 euro tax per acre on parcels multiplied by a factor of 1-3 depending on the region. The tax increases 10% if the land is irrigated and doubles if it bears crops. It will be reduced if the land is under expropriation (-25%), if it is pasture land (-50%) or if it is a forest area (-90%)
- businesses will be taxed on their property but with a 50% discount on tax.
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