Objective values to rise for 60 pct of property zones

Objective values to rise for 60 pct of property zones

The adjusted property rates used for taxation purposes (known as “objective values”) will be increased in 6,070 zones around the country, Deputy Finance Minister Katerina Papanatsiou stated on Thursday. Speaking on Sto Kokkino radio, she added that the state revenues from the Single Property Tax (ENFIA) will remain the same.

According to the data the deputy minister presented yesterday, “in 60 percent (6,070 zones) we have an increase of the objective values that are harmonized with market rates; there is a reduction in 23 percent (2,300 zones) and the rest remain unchanged.”

Generally, the objective values in the Ionian islands, the northern Aegean and the majority of tourism destinations will see an increase. On the other hand there will be reductions in Western and Eastern Macedonia and in Thrace, while 34 percent of zones in Central Greece will see a drop.

Papanatsiou explained that while property market prices have slumped, “the objective values were far lower in most areas than the market prices.”

Thursday night was the deadline for surveyors to submit value adjustment proposals, with ministry data showing that the submission rate had reached 99 percent by the afternoon.

A Finance Ministry committee which has been tasked with processing the surveyors’ recommendations and submitting its proposals to the minister will get started on their part of the process today.

Sources say the government is considering keeping the ENFIA charges the same as they are now, and opting instead to shift the extra load to the supplementary property tax. The rates for ENFIA will therefore be lower than last year for all owners and the difference in revenues will be covered by the 500,000 owners with property valued at over 200,000 euros.

Although Papanatsiou said on Thursday there may be no changes needed to the supplementary tax, the government intends to start increasing its rates from the top down, so that owners who are closest to the 200,000-euro threshold bear the smallest hike.

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