Crete property news and local information - West Crete Journal™

First homes to be exempted from tax

First-time home buyers will be exempted from taxes, except municipal rates, for residences up to 250 square meters, Deputy Finance Minister Antonis Bezas said yesterday.

“There will be a ceiling of 250 sq.m. that will be exempted from taxation, which will be increased by 25 sq.m. for every child after the third,” he told a press briefing at Alpha radio station.

Bezas said the single property tax will be paid for the first time in 2008, replacing a multitude of existing levies, including the inheritance and parental transfer taxes.

“These taxes will be abolished. The present tax-free ceiling will be retained, above which the single property tax will be 1 percent. This will include relatives of the first and second degree. These provisions will be included in the bill on fuel taxation and distribution, to be tabled within 10 days at most,” he said.

- Kathimerini, 22 November 2007

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