ECONOMY

Half of objective values unchanged

half-of-objective-values-unchanged

Almost half of all Greek properties will retain the same “objective values” as they have had since 2007, according to a Finance Ministry plan that Alternate Minister Tryfon Alexiadis has already signed.

The new objective values – i.e. the property rates used for tax purposes – will apply retroactively from May 22, 2015, and will expire at the end of 2016 with the introduction of the new automatic system linked to market rates in 2017.

Ministry data show that there will be no change in the objective values of 43 percent of properties, where the zone rate does not exceed 600 euros per square meter – i.e. the bottom tier of properties – as well as to the highest tier, including properties in zones where prices start at 4,000 euros/sq.m., amounting to 0.25 percent of all real estate assets.

Finance Ministry officials say that all taxes calculated according to the objective values will be revised, with the exception of the Single Property Tax (ENFIA). Therefore, in cases such as those where a higher tax was paid for property transactions conducted after May 21, 2015, the difference will be returned to the taxpayers. The same will apply to other taxes based on objective values.