ECONOMY

Objective values conundrum

The Finance Ministry will have a tough task determining the new property rates used for tax purposes — known as ?objective values? — ahead of their adjustment in June, as the crisis has created a serious shift in commercial prices.

Following the drops observed in average-priced areas of Athens, such as Halandri, Holargos, Vrilissia and Maroussi, objective values are now on a par with commercial rates, while in more expensive areas including Ekali, Vouliagmeni and Glyfada, whose prices have suffered the most from the crisis, objective values are often higher than the market rates.

At the other end of the spectrum, areas such as Perama and Keratsini, which for years have benefited from particularly low objective values, will be exceptionally lucky to avoid any hikes in ministry-determined rates.

Meanwhile the Panhellenic Federation of Property Owners (POMIDA) called yesterday for the reduction of objective values in run-down areas of Athens as well as the city center.