Taxes

Immovable Property Tax

The immovable property tax is based upon the value of the property on the 1st of January 1980.This assumes that  the property was standing in 1980 but in fact very few properties standing today will have been valued high enough in 1980 to qualify for paying IPT.

If the value of the property at that time exceeds € 170.860,14, then the registered owner of the property must pay immovable property tax according to the following scales:

Value of property at 01/01/1980 (Euros)

Annual property tax
up to 170.860,14 Exempt
170,860.15 - 427,150.36   2,5 %

427,150.37 - 854,300.72 3,5 %

over 854,300.73 4,0 %

Capital Gains Tax

Capital gains tax is imposed on the gains accruing to any person from a disposal of immovable property. Capital gains tax is imposed at the rate of 20% on the gain.

The following allowances are given:

a) €17,086.01 personal allowance (can be used only once)

b) €85,430.07 from the disposal of a dwelling house, provided that the house was the main residence of the taxpayer for a total period of not less that five years prior to the disposal.

Source  http://www.kalogiroulaw.com/

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