IN SPITE of this year’s generous 75% tax cut on property, a significant number of large property owners (those with properties valued above €500,000 in 1980 prices) have not paid their Immovable Property Tax.
Debts to the government are small compared to previous years. However, 345 large property owners owe the government €9.1 million out of a total amount of €17.4 million.
In addition, 293 businesses owe the government €8.4 million.
An analysis of the Tax Department data shows that the higher the value of the property, the more likely that the property owner has neglected to pay the property tax. For example, out of the individuals with properties valued between €800,000 and €3 million, 44.74% have not paid their tax. The opposite is true for those with properties of small or medium value.
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