BUSINESS

New year to bring new property rates set by surveyors

PROKOPIS HATZINIKOLAOU

TAGS: Property, Taxation

Property surveyors will from now on undertake the adjustment of the taxable real estate rates known as objective values, according to a regulation submitted to Parliament on Thursday for ratification. This means that the extraordinary procedure employed in 2018 with the chartered surveyors will turn permanent as of 2019.

The adjusted values will start applying from June 2019, and based on the obligation the country has toward its creditors the objective rates will need to reduce their difference from market rates by 50 percent.

Sources say the surveyors will start work at end-January, after a decision the Finance Ministry will issue. The adjustment may not only affect zone prices but also the commerciality coefficient of each area. The ministry also intends to revise the determination formula for the objective values, modifying the coefficients related to age, floor etc.

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