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Greeks Pay Most Property Levies in EU

propertyA financial survey shows that one in three real estate owners will not be able to afford the new tax next year. Especially, Greek real estate owners and buyers who have to pay the highest property tax contributions in Europe. At the same time, the Greeks will not be able to pay the new Single Property Tax which will be imposed by January. The rate of people who responded that they would definitely fulfill their property tax obligations next year, amounts to no more than 53 percent.
According to a report submitted on Tuesday to the European Parliament by the International Union of Property Owners (UIPI), Greece is the only country in Europe in recent years to impose an annual property tax (FAP) equal to up to 2 percent of the property value. The special tax paid via electricity bills and the annual council taxes on properties (TAP) are ranging between 0.025 and 0.035 percent, apart from the various other charges of local authorities.
Furthermore, the survey reveals that there is a tax on the capital gains in case of a sale, equal to 20 percent, while Greece has the second-highest transfer tax in the European Union, amounting to 10 percent, against an EU average of 4 percent. The taxation in Greece focuses on transactions and on ownership.
According to an Alpha Bank analysis, the new Single Property Tax will amount to 1.5 percent of the country’s gross domestic product which means that Greece will have the eighth-highest property taxation among all member states of the Organization for Economic Cooperation and Development (OECD).
This survey found that the level of pessimism of Greeks reached the highest point this year–-70 percent, from 68 percent in September, whereas optimists accounted for just 15 percent, down from 18 percent in September.

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