
First property auctions today for overdue tax, insurance funds debts
In just the first two months of 2018, new overdue tax bills amounted to 2.6 billion euros
Until now, auctions of foreclosed properties were mainly conducted for overdue debt to banks and private individuals or legal entities.
Today, the first property auctions will be held for debt to the state for back taxes or to insurance funds.
In just the first two months of 2018, new overdue tax bills amounted to 2.6 billion euros.
The total amount of overdue tax bills is an astronomical 101.6 billion euros.
About a dozen online auctions were scheduled for today.
Unfortunately for debtors, the starting bid for auctions of foreclosed properties is not the tax office valuation price, as in the past, but the current, commercial market price, which in most cases is considerably lower, a fact that is likely to increase participation.
The electronic auctions are conducted in the offices of registered notaries, and will be held three days a week, each Wednesday, Thursday, and Friday, from 10am to 2pm.
The target number of auctions this year for tax and insurance debts is 17,000.
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