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.