Changes to property values to affect taxes and benefits

5 January 2016
60 Views

It has been almost 9 years since the last time taxable property values changed, however the Alternate Minister of Finances Tryfon Alexiadis is expected to soon announce new values.

These new values will have a retroactive effect as of May 2015, in line with a State Council ruling, thus covering transactions carried out in the second half of 2015.

The plan for the changes is based on the findings of the relevant committee, which suggested that values in Attica and other major cities in Greece must drop by about 5% to 20%. For real estate with a value of up to1,500 euros per square meter the reduction will be 5%, while for property valued between 1,500 and 3,000 the reduction will be 15% to 20%. For property valued over 3,000 euros per square meter the drop reduction will be 10% to 12%.

The change in values however is expected to affect a series of benefits and taxes that are directly or indirectly linked to real estate property. Due to the change in values, many taxpayers miss out on the heating oil benefit, rent subsidies, free electricity, the minimum guaranteed income, student benefits and a 50% discount on the ENFIA tax.

On the other hand, a number of taxes are expected to increase, including the aforementioned ENFIA and taxes on transitions, inheritance, donations, registration in the Cadastre, urban development fines etc.

With the new values having a retroactive effect, the government must decide whether it will give out benefits to a greater number of people, or restrict the benefits.

You may be interested

Nearly 1,500 refugees passed into Greece in August
GREECE
shares151 views
GREECE
shares151 views

Nearly 1,500 refugees passed into Greece in August

makis - Aug 18, 2017

The number of refugees and illegal migrants that have landed in the Greek islands of the northern Aegean Sea have…

Father arrested after prostituting daughter for 5 euros
GREECE
shares127 views
GREECE
shares127 views

Father arrested after prostituting daughter for 5 euros

makis - Aug 18, 2017

A father was detained by police after it was revealed that he had been allegedly prostituting his 14-year-old girl on…

Greece does not recognise communist regime crimes
GREECE
shares116 views
GREECE
shares116 views

Greece does not recognise communist regime crimes

makis - Aug 18, 2017

The Greek government declined to take part in an international conference that denounces crimes committed by communist regimes. The Greek…

Leave a Comment

Your email address will not be published.