BUSINESS

New Greek property zone rates announced

TAGS: Economy

The ministerial decision announcing the adjusted new zone rates at which property owners in Greece will be taxed were announced on Tuesday morning and will be going to Parliament for approval by Wednesday.

According to the new rates, which aim to bring property values closer in line with market prices, from a total of 10,216 zones across the country, 2,122 will see a reduction in rates compared with the “objective values” previously used for tax purposes, and 3,782 an increase. Rates will remain the same in 4,302 zones.

Experts estimate that 23 percent of individual property owners will have to pay less for their Unified Property Tax (ENFIA) thanks to the new rates and that the ENFIA will remain unchanged for the majority, or 62 percent, of taxpayers.

Some 12 percent will see a slight increase of up to 50 euros and 2.3 percent of as much as 200 euros.

The majority of legal entities, 61 percent, are also expected to see their ENFIA go down, against 24 percent for which it will remain stable and 5 percent who will see a hike of up to 50 euros.

All taxpayers will have to pay their first monthly installment of the adjusted ENFIA in September and the last in January instead of December.

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