News › Weekly Alert Article
Revaluation Coefficients Set For Immovable Property
The previous revaluation was performed in 2008 while the 2012 revaluation was to be booked no later than 31 December 2012. Taxand Greece explains the updated revaluation coefficients for immovable property.
The revaluation is effected by multiplying the book values of the properties with revaluation coefficients set in a ministerial decision and which vary depending on the property (ie land and/or building) and the year of its acquisition. The revaluation coefficients for the 2012 revaluation were set by Ministerial Decision Pol 1223/2012, as follows:
|Year of Acquisition||Land Coefficient||Building Coefficient|
|Until year 2007||1,40||1,35|
|From 01/01/08 to 31/12/08||1,35||1,30|
|From 01/01/09 to 31/12/09||1,00||1,00|
|From 01/01/10 to 31/12/10||1,00||1,00|
|From 01/01/11 to 31/12/11||1,00||1,00|
From a tax perspective, the balance of the revaluation surplus, which may be reduced by the amount of tax losses, is currently subject to income tax at a 2% rate as regards land and 8% as regards buildings, provided that it exceeds the amount of EUR 880. Especially, as regards hotel enterprises, half of the surplus value corresponding to land is exempt from tax. The deadline for filing a tax return to report the revaluation amount is 31 January 2013, whereas the tax due is payable in 4 installments, at 6 month intervals. The first installment is payable upon filing of the revaluation tax return.