Can anyone help. We are looking to buy property and need to know the costs over and above the property value. I understand the purchase or transfer tax is based on the ‘assessed tax value’. If this is in fact the same as the property value then how the hell do any of you guys afford to get here? That is before we get to Lawyers fees, Notary fees community tax andonandonandon. : HELP
This is one of those eternal questions that have been answered previously on a number of occasions.
Assessed Value is referred to as "Objective Value" which is a fraction of the actual buying price – although not always. Lawyers can decided how to proceed and depending on local issues, their relationship with the accountants, the local tax office, etc.
Crete can be very flexible, if people want to be, or they can stick rigidly to the rule book.
Usually a lawyer is recommended by your estate agent, but not the best of ideas in my opinion in the event you come across a less than professional person.
Any way I recommend you use this forum for its "search facility" choosing a search through all files, not just "one week" in the pull down section when in the search facility. I am not saying it offers a panacea but can be helpful.
Just as an example, a small house (80 sq m) might be on sale for 141,000 and your lawyer decides that the Objective Value should be 90,000 so you pay the current percentage of 90,000 in tax (e.g. 9,000 if the percentage is 10%) so the total is 150,000.
Note: once you have a tax number, you have to submit a tax return every January. Obviously zero if you don’t earn anything here but there’s a â‚¬50 fine if you don’t submit a return.
If you are thinking of buying in Chania province, I can recommend an accountant and a lawyer and also a house-finder if you need one. These are all people that I’ve personally used and trust (and I’m not on commission, unfortunately!)