On: In Greece, Property Is Debt

[mikeash]

For one thing, it sounds like you'll be paying taxes on an assessed value far in excess of what you actually paid to buy the property.

[kkapelon → mikeash]

Exactly! I should better rephrase it "If you have money to burn now" and can wait until the country recovers.

[charlesdm → mikeash]

I would assume one can challenge that valuation with the tax authority or through the courts. A building isn't actually worth €300k if it can't be sold for €300k. If I buy something from a third party for €100k today, it's worth exactly that.

[mikeash → charlesdm]

If it were that easy, everyone would do it and the problem would go away. Tax authorities are often unreasonable when it comes to property valuations.

[charlesdm → mikeash]

Tax lawyers are expensive. If people can't even pay the tax, how would they afford a tax lawyer? I have achieved beneficial settlements with unreasonable tax collectors with a good lawyer, so often it is that easy.

[mikeash → charlesdm]

In Greece?