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On September 2011, the Greek Government announced a new property tax. This tax applies to all the property owners in Greece. Greek authorities wanted to create a unified real estate tax which will include all properties, owned by one property owner.
Initially this tax was defined solely on properties being electrified. The tax was included at the property’s electricity bill. This practice change and the new Unified Real Estate Ownership TAX, called ENFIA amended by the Greek tax authorities, to all the properties, houses, plots, plats, properties with no electricity, agricultural land, etc. The Unified Real Estate Ownership TAX is imposed from 1st January 2014. All Greek real estate owners are obliged to pay this tax.
The values taken into consideration for the year 2018 are determined by a new decision of the Minister of Finance regarding objective tax values (Government Gazette B’ 2192/12.06.2018). According to statistics published by the Independent Public Revenue Authority, the Unified Real Estate Ownership Tax 2018 notifications refer to 7,310,185 property owners, natural person and legal entities. From the 6,311,155 property owners, 6,279,207 natural persons will pay 2,642 billion euros, while 51,948 legal entities will pay 450,794 euros.
The relevant tax tables were amended as follows: (i) certain lower values price zone brackets were extended, resulting in more properties dropping to the lower basic tax brackets, and (ii) the tax free bracket for the additional tax based on the total value of property rights per person was increased from 200,000 euros to 250,000 euros.
UREOT will be paid either in one lump sum or in five monthly installments with the last instalment payable in January of the following year. In particular, for the tax year 2018, the first installment was paid on 30 September 2018 and there are four more installments.
An Independent Department for the Valuation and Determination of Real Estate Values is created within the Ministry of Finance. The department falls directly under the jurisdiction of the General Secretary of Fiscal Affairs, whose aim will be the objective determination and the general evaluation of real estate values.
