ARTICLE 1.- Independent ownership rights may be established, under the provisions of this law, by the owner or the co-owners of a real estate on the portions of a completed building such as floor, apartment, office, shop, store, cellar, warehouse which are available to be used separately and independently.
Servitude rights may be established, under this law, by the owner or the co-owners of a building plot on the portions of a building being built or to be built in future and answering to the characteristics indicated above in the first paragraph to be taken as a basis for the condominium ownership to be established after the building has been completed.

ARTICLE 2. - For the purpose of this law the following terms shall have the meanings indicated below:
a) "Main property" the whole of real property on which condominium ownership is established, "main building" only the portion constituting the main construction, "independent division" the portions of the main property each of which is available to be used independently and separately and which may be owned independently under this law, "annexes" the places which are situated outside the independent divisions and are directly allocated to that division, "condominium ownership" the property right established on the independent divisions and "condominium owner" the holder of the said right.
b) "Common premises" the places which remain outside the independent divisions of the main property and serve for protection and joint use and "right of use" the right of using these places belonging jointly to the condominium owners in their capacity of co-owners.
c) (Amended: 13/4/1983 - 2814/art 1.) "Construction servitude" the servitude established under the provisions of this law by the owner or the co-owners of a building plot for the independent premises of one or more buildings which are being built or will be built on the plot to be taken as a basis for condominium ownership in the future and "holder of a construction servitude" the holder of the said servitude;"
d) "Building plot share" collective ownership share on the building plot to be allocated to the independent divisions according to the principle stated in this law.
e) "Agreement" the authenticated deed concerning the establishment of condominium ownership or construction servitude.

ARTICLE 3. - Condominium ownership is a private ownership related to the building plot share and to the common premises of the main property.
(Amended second parag.: 14/11/2007-5711/art.1) Condominium ownership and construction servitude are established by clearly indicating, in line with the collective ownership principles, the building plot share which has been allocated in its project proportionally with the values calculated according to the location and size of each independent division of main property which is subject to this ownership. If the building plot shares have not been allocated proportionally with the shares of independent divisions, each condominium owner or construction servitude holder can apply to the court for re-arrangement of building plot shares. The building plot share which has been allocated to each independent division according to this paragraph shall not be able to be changed due to future increases or decreases in the values of said divisions. The provision of Article 44 is reserved.
(Amended third parag: 23/06/2009-5912/art.1) Construction servitude is a kind of servitude that is linked to the share in the land, which is transformed ex-officio into a condominium ownership according to the conditions stated in this Law, and on the basis of an occupancy permit that would be issued for the whole building. This process can be carried out upon request of the owner of the land or of any one of the shared owner that hold a construction servitude.

Property tax rate within the boundaries of Municipality is 1%, if it is out of the boundaries of the municipality the rate is 2% of the value of the property.

Property tax can be paid in two installments. The first one is from March to May and the second installment is in November.

This property tax can be paid via bank, post check, internet and cash. If a tax is not paid on time, the owner of the property is sentenced to penalty which is 2, 5 % per month.

Even the property is an inheritance; heirs have to pay for the taxes and if the property has a tax dept, heirs have to pay for this penalty as well.

This does not affect the tax but the location of the property affects the tax rates.

-A person who only has one property which is smaller than 200 sqm and does not have a summer house pr property. -retired people
-who does not have an income
-widows

Tax assessment committee adjusts property tax every 4 years and based on the property sqm and equipments of the buildings.