Many people believe that Greek governments would always take money for the real estate that they own. However, only few know that they can take advantage of various tax breaks for their properties.
First of all, the realization of home related expenses concerning maintenance and repair purposes is a way to reduce taxable income. As well as, tax deductions arise from the mortgage interest which is paid during the year.
In addition, properties located away from big cities are taxed at lower rates and all operational costs are usually significantly reduced compared to city houses. This happens because most Greek governments seek to limit urbanization and motivate people to return to the province and to several rural areas.
Consequently, we can easily conclude that real estate ownership is not always accompanied by heavy tax payments but if somebody make improvements in his house, selects the right combination between cash and debt for a real estate purchase and the appropriate location may benefit by gaining tax relief.
In this direction, an experienced consulter on tax issues, but also with knowledge of the property market, can significantly help when making the decision to buy a remarkable property.