No significant cut seen in property
by Prokopis Hatzinikolaou, ekathimerini.com, 22 April
The committee responsible for the adjustment of objective property values is in the final stretch of its task and
will submit its proposals to the political leadership of the Finance Ministry before the end of May.
Objective values (the property rates used by the state for tax purposes) will not be adjusted across the board,
but rather depending on the region and zone, with the new values applying as of July 1. The committee has processed
property transaction data submitted by the Bank of Greece as well as figures provided by tax authorities, chambers
and other entities around the country.
After obtaining the new objective values (after eight years without any adjustment) the ministry is set to start
the process which will lead to the implementation of the new property tax. According to ministry officials, the
empty state coffers do not allow for any significant tax reductions. Therefore all signs point to the new property
tax plan providing for annual revenues of more than 2 billion euros. The Single Property Tax (ENFIA), which applied
last year, fetched revenues of 2.65 billion euros.