ECONOMY

Online system in the works for property valuations

System for automatic adjustment of objective values to start applying from next year

online-system-in-the-works-for-property-valuations

The Finance Ministry is planning an online system for the mass valuation of properties, expected to be piloted next year.

This would be an automatic system leading to the adjustment of properties’ taxable rates, known as “objective values,” while offering citizens the chance to know the level of prices in every corner of the country.

The ministry has already asked for technical assistance for the project to be implemented, and the platform to be created will incorporate everything that concerns a property: from town planning and cadastre data to a digital map of objective values.

After the creation of the digital map, where each citizen can find the zone rate and the objective value of any given property, the ministry will start the development and application of the Information System of Mass Valuations of Properties with the creation of a valuation model. The latter will take into account and incorporate the ongoing conditions of the property market and its trends, based on statistical methods of data analysis and management, according to European and international practices.

Ministry officials say that the preliminary work has already started, so that property taxation secures both social justice and financial efficiency.

The system will gather data affecting the value of real estate assets from all sources available, such as agencies and entities of the broader public sector (with an emphasis on information from the National Cadastre and the Independent Authority for Public Revenue) as well as open data, such as the size of the property, proximity to metro stations, parks and schools etc.

At the same time the ministry has started preparing next year’s Single Property Tax (ENFIA): Upon the orders of Minister Christos Staikouras, a special, 18-member task force has undertaken to form the new structure and rates of the tax, adjusted to the new objective values. The team’s task, according to the minister’s decision, is “to form the new ENFIA and adjust its rates to the changes in the objective property values.”