Greek property taxes are among the lowest in the OECD at just 1.3% of GDP, but are so complex that real estate owners are liable to pay up to 14 different taxes and levies related to their property, says the latest OECD survey of the Greek economy. Moreover, while property tax accounts for only 0.14% of total tax revenue, collecting it represents 1.1% of total tax administration costs.

Streamlining the property tax system and implementing a national land registry would allow taxation of property based on real value of assets, the survey says. Greek property taxes are only half the OECD average level of 2.6% of GDP and well below the European Union average of 2%.

Property taxes are highest in the United Kingdom, at 4% of GDP and lowest in the Czech Republic where they are 0.6% of GDP.

References

• OECD Economic Surveys: Greece, Paris 2001.

• OECD Revenue Statistics, Paris 2000.

©OECD Observer No 225, March 2001