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Real estate: Changes in 2020 in ENFIA, for Transfers, parental Benefits & inheritances

Radical changes in the property tax!! Interventions four points to balance the burden of any new objective values….

Raises to tax free limits to obtain a first home and general exemption limits from gift taxes, parent benefits and inheritance real estate, changes in scales and reductions in tax rates for calculating the properties processed by the economic team for new Year.

These changes will occur after overhaul an objective system for identifying taxable values real estate, which has already been announced.

Information of the "Free Press" say taxes which would make changes in the discharge limits, The rates and calculation scales are:

1. The real estate transfer tax (FMA)

calculated 3% on the objective value of each property sold and charged to the buyer.

From tax exempt purchase of a first residence objective value:

-until 200.000 euro, if carried out by a single person

-until 250.000 euro, if carried out by married or synapsantes cohabitation, not burdened with children.

For each dependent child up to the two above exemption limits are increased by 25.000 euro.

For each additional child beyond the limits of the second further increased by 30.000 euro.

2. The estate gift tax

Calculated on the tax-free threshold 150.000 euro rates 1% -10% for gifts to spouses or grandchildren tax-free threshold 30.000 euro rates 5% -20% for donations to other second-degree relatives with tax free 6.000 euro rates 20% until 40% for donations to other relatives and non-relatives.

In cases of primary residence tax-free donations apply limits similar to those applicable to the transfer tax.

3. The parental benefit property tax

Calculated on the tax-free threshold 150.000 euro rates 1%-10%.

In cases of primary residence parental benefits apply duty-free limits similar to those applicable to the transfer tax.

4. The tax of real estate heritage

This tax is calculated using tax-free limits and similar to rates of gift tax.

5. The main ENFIA

Levied on all properties with staged rates, depending on the height of the objective area price per sq.m for the places which are the taxed property.

6. The supplementary tax ENFIA

Levied on the sum of the objective taxable value of all held by each individual buildings and land within city plans or settlements if the sum exceeds the 250.000 euro.

The calculation of the tax is banded at rates from 0,155 until 1,15%.

What will change

According to reports, changes considered are as follows:

– The value limits up to which there is exemption from transfer taxes, donation, parental benefit and heritage, They will be reviewed and redefined with the main purpose to prevent the cut or even complete loss of tax breaks for those who first acquire housing after adjusting the objective values. Particular emphasis will be given to tax-free in order to obtain a first home, which will increase to maintain the exemption specifically for families.

– The scales of calculating rates of main ENFIA be reformed. Specifically, low levels will expand to corresponding the smallest of assessment rates and the basis of which the vast majority of owners taxed, who own property in areas with low objective values. The goal is increases in objective values ​​do not lead to a transition of the properties of many taxpayers from low to higher echelons, which applied much higher tax rates.

– The tax-free 250.000 euro which applies in a complementary ENFIA, designed to increase by at least 50.000 euro.

– Reflections on changes in levels or even reductions in calculating rates of supplementary ENFIA, that those owners already burdened with him not to be forced to pay the significantly increased due to the increase in objective values.

, Real estate: Changes in 2020 in ENFIA, for Transfers, parental Benefits & inheritances , Real estate: Changes in 2020 in ENFIA, for Transfers, parental Benefits & inheritances

Changes in the ENFIA 2020 - How will "correct" increases

It is worth noting that the Finance Ministry has started the process for the second and final installment of updating the legal values ​​of real estate in order to align with market values.

This is an extremely important intervention since the institutions regard it as one of the major structural leftovers from years of Memorandum.

They think that behind the difference between commercial and objective values ​​to real estate hides much of the underground economy in the Greek economy as the tax rates of properties affect important tax factors, such as living evidence, the Occupying and all the real estate transfer taxes.

The procedure for updating the objective values ​​has begun and according to the Ministry of Finance plan to be completed at the latest by May 2020.

Then decisions will be taken on the scope of the changes to be made on values.

Within Treasury, there is concern that changes made on values ​​might cause increases in ENFIA.

However, intention of the Finance Ministry are any charges incurred be "corrected" with interventions on the scales, but also to the tax rates.

When will the second reduction

In relation to the second dose reduction ENFIA, This is planned to take place within 2021 and having achieved the government agreement with partners to reduce the target for the level of surpluses protogennon.

Recall that campaign promise of the New Republic is to reduce by ENFIA 30%.

This year held weighted average tax reduction in 22% and thus remain one weighted average reduction 8%.

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