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Welcome 2013: Greeks to pay six property taxes for each single property they own

Got a property in Greece? Get ready to get ripped off and thus as soon as possible. For the year 2013,  property owners will have to pay six different taxes for each one property they own:

1) two installments for the emergency property tax of 2012 via the electricity bills

2) Regular property tax (FAP) for 2010, 2011 and 2012. The first installment for FAP 2010 has to be paid in January the latest.

these taxes are additionally to the property tax called “Property Fee” (TAP) which property owners pay to municipalities.

In the context of the new taxation system all these different taxes will apparently be unified under a so called “unified property tax”. But this will be hopefully valid as of 2014.

In the new taxation system the tax- free property value will be reportedly down to 100,000 euro. Also land plots  that bring no profit will be taxed.

Furthermore, the income from renting a property will be autonomously be taxed with a what the media estimate 10% for annual revenues over 12,000 euro. and thus irrespectively from the total income of the property owner.

Soon it will be advisable to rent a home than to own one. then you will be paying a monthly rent for your own property to the state.

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  1. Hi KTG

    Does this
    “In the new taxation system the tax- free property value will be reportedly down to 100,000 euro. Also land plots that bring no profit will be taxed.”
    really mean that if a property is worth less than 100K it will not be taxed?

    We live in Australia and have a falling down unusable house owned by about 10 people who can’t agree on what to do with it – a common story!
    Thanks for clarifying.

  2. Thanks for the info. Knowing how much foreigners are among your readers it might be informative to them to know if they also have to pay these amounts. And do you have one or two examples about how much money we are talking here?
    As bad as this all is for the Greek home owners. It is also bad for the foreigners who own a house in Greece. Not to mention what this all will do to the market of future buyers of houses in Greece. Until now there still was some hope that a family could sell one or two of their family homes to a foreigner. Well, with this all coming around I would not recommend anybody of stepping into the Greek housing market in the next couple of years. 🙁

  3. keeptalkinggreece

    the new taxation system is not ready yet but this tax-free amount refers actually to property used as main home.

  4. keeptalkinggreece

    the problem is that they failed to collect the old FAP taxes and they need all the money in 2013. Where shall we find the money, that’s a story nobody seem to have takne into consideration.

  5. I don’t believe the running costs for overseas people owning holiday homes in Greece is too bad – unless they are buying mansions, which means they can afford to pay more.
    We have an old 2 bedroom village house worth less than 100k euros on Lesvos. Although property based taxes are increasing, the tax for the ‘dimarkeo’ (town council tax is complex, but still only about 100 pa), PLUS the new emergency property tax 2011 & 2012 which I guess will continue in some form (270 for our 90 m2) added in with the electricity bill, is far less than for an equivalent small house in UK. As our only Greek property and not high value we have no other property taxes to pay. So far I believe this is no different for 2013. In Uk our simple but larger 3 bed house (worth about double in euros) we pay about 1350 euros pa council tax, plus MUCH higher water & sewage rates than in Greece.
    I think Greek authorities should do more to explain this to the international market to encourage Greeks to sell their unused properties, as this could revitalize the economy. Many cash poor Greeks own several family properties on the islands – often shared with siblings from inheritance (as with J from Australia above). Purchase taxes would boost government coffers, professionals will get fees (do ask for receipts though!),old properties need renovation or at least redecoration – either providing work or just buying of materials by DIYers. Old villages with falling down buildings could be rejuvenated if more emphasis & encouragement was put on improving old houses rather than building new houses.

  6. Hello, KTG. Thank you for your wonderful website. Through your reporting and the comments of other KTG-ers, I feel like I am getting the “real story” on what’s going on in Greece. I am one of those foreigners who was committed to purchasing a home in Greece. I was there in late October-early November 2012 for that purpose. My Greek friends encouraged me not to buy; even at that time, all kinds of new taxes were being bounced around. I was very disappointed because I wanted to be a part of Greek society, and yes, pay my fair share. But the reality is: I didn’t know what that was! When foreigners have to pay taxes to two countries, one has to know what that amount will ultimately be. It’s a good thing I didn’t buy the house; I have been told that the taxes on it have doubled since I was there. As Antonis predicted in his comments, I decided to rent a home, which I did just last night.

  7. keeptalkinggreece

    I’m afraid you compare the uncomparable here: TAP (tax paid to city council) and also all regular and emergency property taxes are according to scales of value zones and age of building. What is 270 euro Emergency property tax for a 90m2 old house in a Lesvos village can be 850 euro for a 80m2 less than 10 years old in Athens. Respectively higher are water, sewage and other fees in the big cities. You should also add the FAP, that is the regular property taxes. And do not forget, that your home is Lesvos is a summer house, an extra so to say that you can afford and you use occationally, while my example of 80m2 in Athens is my main home.

  8. keeptalkinggreece

    thank you, Jodi! Renting a home is the best option for the time being. when the several regualr & emergency proparty taxes get unified, you will have again the chance to think about purchasing a property.

  9. As you say, it depends where the house is and its value. I was answering J’s question about no tax (or less) if house is worth less than 100k. I am well aware that Athens owners are in a worse position and my heart goes out to you – especially all those with no work and possibly no home of their own either. … but your 850 euros property tax is still not a lot compared to equivalent taxes in other parts of the world such as UK. Of course it is hard to start having to pay these taxes when incomes are down, but maybe if taxes had been more realistic in the past, and more people had declared their rental incomes for taxation Greece would not be in such a mess now.
    It is good to encourage people to buy old properties in the poorer areas with lower taxes as the costs are NOT that bad and it would help revitalize the economy.

  10. keeptalkinggreece

    the 850 euro are the emergency property tax. to this add the regular property tax (FAP) and (TAP). I’m not sure if the cost of a renovation of an old building (incl water pipes & electro wires) is much higher than the total of poperty tax I will have to pay in a year. not to mention the job options in a poor area.
    revitilizing economy by forcing the poor/jobless to buy old buildings seems a nice romantic dream.

  11. keeptalkinggreece

    BTW: the FinMin will extend the “objective values” on properties also in the countryside, driving prices up to even 100%, I just saw in private mega tv.