ECONOMY

No significant cut seen in property tax

The committee responsible for the adjustment of objective property values is in the final stretch of its task and will submit its proposals to the political leadership of the Finance Ministry before the end of May.

Objective values (the property rates used by the state for tax purposes) will not be adjusted across the board, but rather depending on the region and zone, with the new values applying as of July 1. The committee has processed property transaction data submitted by the Bank of Greece as well as figures provided by tax authorities, chambers and other entities around the country.

After obtaining the new objective values (after eight years without any adjustment) the ministry is set to start the process which will lead to the implementation of the new property tax. According to ministry officials, the empty state coffers do not allow for any significant tax reductions. Therefore all signs point to the new property tax plan providing for annual revenues of more than 2 billion euros. The Single Property Tax (ENFIA), which applied last year, fetched revenues of 2.65 billion euros.