Attributes of EU property taxation policies: lessons for Greece and Cyprus
The objective of this research was to identify whether and where property tax is a suitable tax, identify the ways that this tax can be successful (through legislation and application), compare the property tax regimes of all EU countries and find any correlation with the GDP, identify the problems in Greece and Cyprus immovable property tax system and suggest recommendations that could improve it. European Union offers special challenges because each country has a different definition of land and property, and a different approach to local property taxation. Conducting a legislation overview and statistical data it was found that high income countries have heavier reliance on property taxes with Luxemburg being an exception. Regarding Greece and Cyprus many problems in the property tax system were identified. Among the recommendations for improvement is the reduction of transfer fees, the reduction of the multiple laws for the same subject and the better application of the laws.