‘E-auctions’ of foreclosed properties for arrears to tax bureau, funds of as low as 500€; March 1 debut

22 January 2018
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Greece’s Independent Public Revenues Authority – itself a memorandum obligation – is rapidly preparing the groundwork for a universal implementation of an electronic property auction regime in the country after March 1 – even for arrears of as low as 500 euros towards the tax bureau and social security funds.

The new procedure, as outlined in a decision by relevant Alternate Finance Minister Giorgos Chouliarakis and Revenues Authority Director Giorgos Pitsilis on Friday, aims slash delays and paperwork involved in the current bureaucracy-laden auctions. Among others, a certified assessor will be responsible for prescribing the commercial value of a property set to go on the auction block.

The fee for the independent assessor will be between 50 to 200 euros, with VAT added, depending on the size of the foreclosed property.

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