“The new property levy, which has been years in the making, aims to boost Greece’s budget revenues by rolling several taxes into one, but is also seen as harming the economy’s expected rebound next year, driving dented property prices even lower. The law imposes a tax on residential housing, commercial properties, vacant property lots, farms and sports fields and aims to raise some €2.6 billion ($3.55 billion) per year and offers discounts to those who prove they cannot afford to pay it.  In September 2011, Greece imposed a real-estate tax that it placed on electricity bills and is collected by the country’s power company.”

http://online.wsj.com/news/articles/SB10001424052702304866904579272000551853972

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