- Immovable Property Tax: Every physical person or entity is obliged to pay an annual property tax of the 'objective value' of the property with the first 200,000 being exempt!
IF the 'objective value' exceeds the 200,000, then the follow(ing) is applicable:
From 0 - 200,000: 0%
From 200,001 - 500,000: 0.2%
From 500,001 - 600,000: 0.3%
From 600,001 - 700,000: 0.6%
From 700,001 - 800,000: 0.9%
From 800,001 and over: 1%
Even the highest value property pays just 1% of 'objective value' of the property, with the first 200,000 being exempt. The site continues:
Objective Value (of properties): the objective value of a property is calculated by the Government using a specific formula and is based on a price per square meter according to the location of the property.
So, locational value is accounted for, but the tax may still too low to capture the full rental value at the high end, as evidenced by the recent land bubble, still collapsing. If the full land rent was captured, there would be no basis for speculation as shown by this chart from Global Property Guide. House prices (read: land prices) remain depressed.
Although higher taxes are being collected now, the prices, which have dropped by as much as 45% for some luxury locations, have not come down enough yet. And of course, offshore tax havens -- including New York City and London -- are pulling millions out of the struggling Greek economy as well, often as a land-based money laundering scheme, according to a year-long investigative search by the New York Times. Says the Times:
Greek Mogul Dimitrios Contominas
Greek insurance and media executive arrested in January 2014 on charges that a loan intended for his business went to buy a London home for his daughter. Mr. Contominas denies the charges. His daughter lived at his Time Warner condo until he sold it last fall.
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