Prime Minister Antonis Samaras, after a meeting in Maximos Hall with his consultants Chrysanthos Lazaridis; Antonis Panagopoulos and Fevronia Patrianakou from New Democracy; Andreas Makrypidis from PASOK, and Nikos Karavitidis who is an associate of the Minister of Finance–ordered them to revise the new real estate tax bill after a number of Parliament Members refused to support it.
Based on the revision, each property will be separately taxed with lower tax rates. Properties that are worth over 300,000 Euros will have an additional tax and finally agricultural land will not be included in the additional tax and will have lower rates.
The Ministry of Finance is attempting to keep the current tax system with some changes and a 15 to 17% reduction on the current payable tax. In order to fulfill the wishes of certain Parliament members, livestock and agricultural lands, as well as unfinished buildings will be discounted or even exempt from some taxes.
This new real estate tax system is estimated to bring the government 2.6 billion Euros, which is nearly 300,000 Euros less than with the original plan. However, a slight problem that might occur, is that the market value of land and houses is often two or three times less than the objective value, making it difficult for owner’s to be exempt from the 300,000 Euros tax for large properties.
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