Changes in the Greek Tax on Real Property

The Tax on Real Property (Foros Akinitis Periousias - FAP) was imposed by Law 3842/2010 on real property in Greece that is owned by individuals or companies and applied from 2010 and forth. The relevant provisions were recently amended resulting in higher tax liability for the owners of real property in Greece.   

The current tax liability (applicable as from 1-1-2011) is calculated as follows, according to Article 33 para. 1 of Law 3986/2011:

Value Bracket (€)    Bracket Tax Rate %    Bracket Tax (€)    Total Taxable Value(€)    Total Tax (€)
200.000,00        0                                    0                         200.000,00                 0

300.000,00        0,2%                            600,00                500.000,00                600,00

100.000,00        0,3%                            300,00                600.000,00                900,00

100.000,00        0,6%                            600,00                700.000,00                1.500,00

100.000,00        0,9%                            900,00                800.000,00                2.400,00

Excess                1%