Crete property news and local information - West Crete Journal™

Property tax base widens, objective values to be revised

Economy and Finance Minister Giorgos Alogoskoufis said one day after the tabling of the 2008 budget, that the new provisions expanded the property tax base.

“Of the additional revenue of 6 billion [euros] envisioned in the budget, 4 billion is not new taxes but taxes that are due on higher incomes. The remaining 2 billion in new taxes we have calculated will come from fighting tax evasion, particularly from the plan to equalize the automotive and heating diesel taxes. The rest will come primarily from property taxation, which will be expanded, and from a widening of the tax base,” he told Skai Radio in an interview.

The budget draft provides for total property tax revenues of 900 million, up 275% from this year’s projected 240 million.

Finally, he said the government will probably introduce the new, revised, table of official property values for tax purposes in the spring.

- Kathimerini, 22 November 2007

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