BUSINESS

Objective values adjustment project turns into a fiasco

PROKOPIS HATZINIKOLAOU, NIKOS ROUSSANOGLOU

TAGS: Property, Taxation

The adjustment of the “objective values” (property rates used for tax purposes) is evolving into a fiasco: Not only is the time remaining for the credible completion of the project running out fast, but several areas in Greece won’t get any proposals from the property surveyors who have undertaken to determine the new zone prices around the country.

According to surveyors’ data, up to yesterday afternoon no more than 100 certified surveyors had applied to take part in the project, while the adjustment of the objective values will require at least 400 to 500 such experts, according to Finance Ministry estimates.

It is possible that there will be multiple applications from surveyors in certain areas, such as in the capital. However, Finance Ministry officials say that no applications are anticipated in some prefectures, such as Florina, Serres and Kozani. It remains unknown how the ministry is going to handle this matter.

The new zone rates are supposed to enable the calculation of new objective values for 2018, retroactively from January 1, on which property taxes including ENFIA will be based, but surveyor representatives describe a procedure that is bordering on parody.

The surveyors argue that a central authority should have already been set up to manage and coordinate the project of determining the objective values, along with safeguarding the quality of assessments.

They say that the entire process is haphazard, adding that the consequences will become obvious once the new objective values come into force at the end of March.

What nobody can deny is that the new taxable rates will further burden working-class neighborhoods in Attica such as Keratsini, Perama, Drapetsona and Ilion, where objective values are seen soaring by up to 50 percent, while in the northern suburbs of Athens the rates are expected to be slashed by 30-40 percent.

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