Greece Offers Discount on Property Tax for Insured Properties

Greece is offering a discount of up to 20% on property taxes for properties insured for fires, floods and earthquakes, says OT.gr.

The measure was previously announced by Prime Minister Kyriakos Mitsotakis at the Thessaloniki International Fairand, and as deadlines close-in, Greek media is circulating with information on how property owners can ensure they receive the discount.

Eligibility 

Thousands of Greece’s estimated 7 million property owners are expected to benefit from a discount of up to 20% on the ENFIA tax they will be required to pay.

Details are below:

• Taxpayers who have insured properties with a total value of up to 500,000 euros against natural disasters will be eligible for a 20% discount.

• The 10% discount on ENFIA (property tax in Greece) will remain for owners of insured properties valued over 500,000 euros. However, owners of high-value properties should be aware that if they do not insure their properties, they will not be eligible for state compensation in the event of natural disaster damage from April 2025 onwards.

To qualify for this property taxes discounts owners of properties must ensure the following:

• The property must have comprehensive insurance coverage, including earthquakes, fires and floods.
• The insurance must cover at least three months of the previous year and if the contract is for less than one year, then the value of the discount will be adjusted proportionally. A property insured for less than 90 days within the same year does not qualify for a discount.
• The ENFIA discount is calculated on the total amount of the main and any supplementary tax that applies to the insured property.
• Insurance must cover the reconstruction of the building in the event of a disaster. The estimates for reconstruction must be over 1,000 euros per square meter.
• Insurance companies must upload proof of insurance to the relevant online portal by January 10. Property owners should confirm the submission has been completed via the myProperty online platform.

Source: Tovima.com