homes to be exempted from tax
22 November 2007
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.