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New Real Estate Tax

Iason Skouzos - TaxLaw > Practice Areas  > Tax Law  > New Real Estate Tax

New Real Estate Tax

From 2014 and for each year subsequent thereto, a new tax is levied on real estate property located in Greece, namely the Unified Real Estate Tax (U.R.E.T.), upon introduction whereof the current Real Estate Tax (RET) is abolished.

U.R.E.T. is equal to the total sum of a) the main tax on each real estate plus and  b) an additional tax on the total value of each taxable person’s rights on real estate property, on which U.R.E.T. is levied, and is mainly levied on the following rights on real estate located in Greece and owned either by individuals or legal persons or legal entities of any kind on January 1st of each year:

a) The property rights of full ownership, bare ownership, usufruct, habitation and surface on the real estate.
b) The property or contractual rights in connection with the exclusive use of parking spaces, ancillary spaces and swimming pools located on a jointly-owned part of the real estate and being appurtenant to the above (principal) property rights. The main tax attributable to these rights is assessed depending on the (principal) property right on the real estate which they are appurtenant to and its percentage thereon.

Subject to U.R.E.T. is each individual or legal person as well as each legal entity of any kind depending on their right on the real estate and their percentage thereof, and in principle each person who acquires a right on a real estate on any grounds.

Any general or special provision on exemptions from taxes or duties is not applicable to U.R.E.T., except for Government concession agreements already ratified by law up to the day of introduction of the draft law for U.R.E.T. to the Parliament for adoption (December 12th, 2013), as long as they provide for full exemption from real estate taxes.

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