Immovable property tax paid annually to the Tax Office is abolished as from 1/1/2017.
The rates which applied up to 31 December 2016 on the market value of the property as at 1/1/1980 were the following:
| VALUE OF PROPERTY € |
RATE 0 |
TAX € |
ACCUMULATED TAX € |
| Up to 40.000* | 6 | 240 | 240 |
| 40.001 – 120.000 | 8 | 640 | 880 |
| 120.001 – 170.000 | 9 | 450 | 1.330 |
| 170.001 – 300.000 | 11 | 1.430 | 2.760 |
| 300.001 – 500.000 | 13 | 2.600 | 5.360 |
| 500.001 – 800.000 | 15 | 4.500 | 9.860 |
| 800.000 – 3.000.000 | 17 | 37.400 | 47.260 |
| Over 3.000.000 | 19 |
* Properties with value up to €12.500 are exempt from immovable property tax but if the value of the property exceeds €12.500 then no exemption applies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.