No insurance? No support
Property owners with assets over 500,000 euros, as well as businesses with a turnover of over €500,000 per year, will be left without state support if they are not insured against natural disasters.
According to the data of the tax administration, the number of natural individuals with assets of more than €500,000 today comes to approximately 110,000, who will be excluded from state compensation if they are not insured by June 1, 2025.
On the contrary, those who are insured will also have a 10% reduction in the Single Property Tax (ENFIA). This means that a property owner with a total taxable estimate of assets (known as “objective value”) of €750,000 pays €2,300 in ENFIA today. In the event that they insure all the properties they own, their ENFIA dues will be reduced by €230 per annum.
The bill will be lighter for owners with homes worth up to €500,000 if they have insured their home or homes against natural disasters (earthquake, fire, flood). The discount for insured homes doubles and goes from 10% to 20%, which they will see in the 2025 settlement statement.
For example, in the case that someone has real estate worth €500,000 and pays €750 in ENFIA, they will pay €600 in 2025 – i.e. the tax will be reduced by €150.
