Tax hike for 485,000 property owners

More than 485,000 property owners will have to pay more tax on their assets this year, while 6,784 will have to to pay an extra 22,432 euros each, according to the analysts of the Hellenic Federation of Enterprises (SEV). Additional revenues for the state from the increase in the so-called supplementary tax are estimated at 566.6 million euros.

The recent hikes in the supplementary tax (concerning property owners whose assets exceed 200,000 euros in total), are leading to the overtaxation of owners during a period when the real estate market is suffering and most properties are not producing any returns owing to the deep recession of the Greek economy.

Data processed by SEV showed that 363,456 property owners will have to pay an additional 40 euros this year compared to 2015. Another 88,446 owners will pay an extra 1,589 euros each, 26,013 will pay an additional 7,430 euros, 6,784 owners will face an extra payment of 22,432 euros and 660 owners will pay 61,626 euros on top of what they paid last year.

All this concerns only the extra payment due from the supplementary tax, so owners will also face an unquantified hike in their property tax for any plots of land they may possess and from the shift in ENFIA rates by up to 25 percent.