When are first home auctions frozen for public debt?

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When are first home auctions frozen for public debt?

However, in cases where the auction must proceed, AADE sets very tight timetables.

Chrysostomos Tsoufis

Do not foreclose on a property that is a first residence and has a value below the property transfer tax exemption limit.

This is the instruction/order given according to information by the AADE and its head Giorgos Pitsilis to the heads of the DOU and the….Christmas present to thousands of borrowers who are at risk of losing their homes due to debts.

The relevant order is part of the manual that AADE communicated to the tax authorities with directions on how they should act in cases of auctions of first homes for debts to the State. The manual expressly states that the obligation to issue an auction program does not exist if there is an important reason such as when the debtor’s property is demonstrably the main and only residence which covers basic housing needs. It is emphasized that its value must not deviate significantly from the tax-free limits of exemption from the Real Estate Transfer Tax as a first residence.

These limits are €200,000 for a single person, €250,000 for a couple and €275,000 for a married disabled person. The above amounts are increased by €25,000 for each of the first two children and by €30,000 for each of the following children. That is:

-Single: €200,000

-Marriage: €250,000

-Married: DISABLED €275,000

-Married with one child: €275,000

-Married with two children: €300,000

-Married with three children: €330,000

-Married with four children: €360,000

As long as the objective value is lower than these limits, the auction will not proceed and the tax authorities will try to collect what is owed by other means such as seizing other movable or immovable assets if any.

However, in cases where the auction must proceed, AADE sets very tight timetables.

For the seizure of mobile phones after at least 15 calendar days have passed since the seizure was imposed.

For the seizure of real estate, after the lapse of 40 days or at the latest within 4 months from the imposition of the seizure.

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