Why the tax on your property in Greece is set to rise

The economic problems in Greece
are well documented. Now, the country’s government has approved a series of tax
reforms aimed at raising additional revenue in order to secure further bailout
funds from the European Union.

These tax changes are set to see
property taxes rise in an attempt to prevent the country’s bankruptcy. Keep
reading to find out more.

Higher property taxes essential for Greek bailout

Euro News reports that a new bill
has been approved by the Greek parliament. This legislation sees increases in
tax rates on property and corporate profits while simultaneously abolishing may
tax exemptions. The bill aims to raise 2.5 billion euros (£2.07 billion) of
additional revenue over the next two years.

Long-suffering Greek families are
upset with the new taxes having already been hit by a range of austerity
measures. Georgia Katsoli and Nikos Bellos own their own home, but they are
both unemployed and struggling with rising rates and taxes.

Georgia told the news network:
“We dreamt of buying a home so that we wouldn’t have to pay rent and deal with
landlords. We bought one, but now we can’t afford to pay for it.”

Without these additional taxes,
the Greek government is unlikely to secure the money it needs from
international lenders. Greece is due to receive another 14.7 billion euros
(£12.2 billion) of international rescue loans by the end of March 2013.

Anyone who owns a property in
Greece is set to pay even higher taxes.

While property prices in the country have
fallen sharply over recent months, anyone considering buying a property in
Greece should take into account the property taxes that you will have to pay
after you buy.

Author
Nick
Marr