Five points to watch out for in ENFIA

The single property tax (ENFIA) will be announced toward the end of August, and not Thursday as initially scheduled. It will have to be paid in five monthly installments, from September to January, with a target of 600 million euros in revenues each month.

The Piraeus Chamber of Trade and Industry issued a circular warning taxpayers against five common mistakes which could cost them dear.

According to the chamber, if an unfinished building has not been declared, the 60 percent discount on the tax will be lost.

If a plot of farmland is not described precisely with regard to its location, the highest rate of tax value in the province will be used to calculate the tax.

If there is a building on a plot of farmland and it is declared a farmhouse, the tax on it will be multiplied by five.

On the issue of ownership versus the right to use the property (as in cases where parents cede property to children but maintain the right to use it as long as they live), the tax will depend on the age of person using the property. With regard to building additions to homes, if they have been declared part of the main structure the 90 percent discount will be lost.

The chamber estimates that owners of real estate will pay an average of 458 euros in the single property tax this year.