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Greece property taxes from 2009 to 2014 increased by eight times

03.12.2013
Homesoverseas.ru editorial office
40
In accordance with the draft budget submitted by the Greek Parliament, the owners of real estate in the next year will have to pay the real estate tax is eight times larger than it was in 2009, reported online edition Ekathimerini.com . According to government forecasts, the volume of tax revenue from all the charges required to pay property owners, will reach 3.93 billion. Euros, in 2009 it amounted to 526 million. Euro. In 2010, due to these taxes on the country's budget added 487 million. Euro. Already by 2011, the tax burden has more than doubled - up to 1.17 billion euros.. And in 2012 due to the additional tax paid as part of bills for electricity, taxpayers paid 2.85 billion. Euro. According to forecasts of the President of the Greek Federation of owners of real estate, direct taxes on real estate this year will reach a 2.78 billion. Euro. Against the background of the fact that the real estate tax in Greece has increased over the past five years, eight times, the lease payments and the number of transactions on purchase and sale of real estate in the country declined sharply, and thousands of houses are empty. HomesOverseas.ru
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Discussion
Greece is perhaps one of the few countries in which there was a "paradise" for property owners.Tax revenues to the country's budget for this position were minimal, or rather, practically no one paid them.To a large extent, this was facilitated by the legislation itself, which allowed for "tax exemption" and provided many benefits.All this made real estate investments extremely attractive and contributed to high demand.The real estate market was booming.Almost every Greek family owns at least several real estate objects, the market value of which is quite high.Innovations in the legislation on the taxation of real estate abolish a number of benefits, and urge those who have a lot of this real estate to pay taxes.Taking into account the fact that the FIRST real estate worth up to 300,000 euros (under the new legislation) is not subject to property tax at all, and real estate worth up to one million euros will be taxed at 0.1% (for an amount exceeding 300,000 euros).In practice, this will be expressed in the following amounts of tax:There will be no tax for the ownership of real estate worth up to 300,000 euros.If you own one million real estate, you will have to pay 700 euros per year.Given that the tax on the PURCHASE of real estate under the new legislation may decrease from 10% to 3%, the Greek real estate market may once again become the most attractive in the EU.
17 of Dec 2013, 11:20:19
Reply
The job of journalists is to present ordinary news as a sensation and thereby draw readers' attention to the topic of the article. Our job is for real estate experts to objectively convey information to a potential buyer. Therefore, I will try to briefly comment on the situation:

Well, first of all, the title of the article is not entirely correct, it is correct to say that the volume of tax revenues has increased 8 times.

How it was before 2009:
Real estate estimated (cadastral) value of which does not exceed 243.600 euros was not taxed. For married couples, the tax–free amount increased by 2 times - up to 487.200 euros. In addition, the cost limit rose by 61.650 for each of the first two children and by another 73.400 for each of the subsequent ones. I.e., by European standards, there was tax communism in Greece until 2009.

How did it become:
Now Greece has introduced a single, but not large, tax on all real estate. The formula for calculating it is quite complicated, so it is easier to give a couple of examples: 1) Apartment of 60 sq.m. by the sea - 150-200 euros per year. 2) House of 120 sq.m. by the sea - 250 - 500 euros per year.

Thus, it is natural that tax revenues have increased significantly, but if you compare this tax with other European countries, these are quite logical amounts, so you should not throw a tantrum about this.
16 of Dec 2013, 18:21:09
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