BUSINESS

Property rate adjustment to be passed on to the next gov't

PROKOPIS HATZINIKOLAOU

TAGS: Taxation, Property

The hot potato that is the adjustment of the property rates used for tax purposes – known as objective values – has been forwarded to the next government. The announcement of the snap poll means that this obligation to the country’s creditors will have to be postponed until the new Finance Ministry leadership emerges after the July 7 election.

Finance Ministry officials note that the competent agencies have long since prepared the new zone prices that were put on ice by the ministry’s political administration due to uncertainty over when the parliamentary election would take place.

Sources say the agencies have now examined last year’s valuations by the special property surveyors, which in many cases would lead to greater objective value hikes than those the ministry eventually decided. In order to avoid taxpayer discontent, the government has decided to keep the objective values at the same level, passing the obligation on to the next government.

Ministry officials say there is a risk of a rise in 4,132 areas around the country where the government had decided last year to keep the values frozen. These areas have seen their market value rise, partly due to the growth of short-term holiday rentals.

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