ECONOMY

Property taxes set to shrink

property-taxes-set-to-shrink

Property owners will pay about 2.07 billion euros in property tax this year, compared to 2.64 billion in 2018, while half of them, about 3 million, will pay up to 10 euros per month.

The bulk of tax payments, 1.5 billion euros, will be made by 1.42 million owners, who will pay at least 500 euros each.

Authorities expect that, in 2019, at least 2 million property owners will pay from 0-100 euros in property tax, 3 million from 100-500 euros, 1.3 million from 500-2,000 euros, and 120,000 over 2,000 euros.

At the top of the scale, there are 100 property owners who paid over 100,000 euros in tax last year. This year, they will see their bills cut by between 10,000 and 40,000 euros, for the top five. At the other end, just over a million owners pay less than a euro.

About 650,000 owners who paid from 50 to 100 euros last year, will pay up to 30 euros less.

The 58,000 property-owning companies will pay a total of 450 million euros. Of those, 7,000 companies which pay over 10,000 euros each will be charged a total of 366 million.