ECONOMY

Owners caution on new tax

The Hellenic Property Federation (POMIDA) on Tuesday urged the Finance Ministry to be realistic and fair about how it applies the new, two-year property levy on all buildings announced on Sunday.

?The measure will be effective in terms of revenue yield only if the charge per square meter is low, so that citizens can meet it. The imposition of a high rate will have the opposite result in the present circumstances,? it said in a statement.

The new charge, to be collected via electricity bills, will be staggered according to the value of the property, which mainly depends on location, and will range from 50 cents per square meter in the cheapest areas to 10 euros per sq.m. in the most expensive ones.

POMIDA further noted that the communal areas of apartment blocks should be exempted from the charge, as building managers are already having huge difficulties in collecting communal charges.

The federation also considers it self-evident that disused buildings with no electricity supply and empty commercial premises will be exempted from the measure.