Objective values to meet going rates

Objective values to meet going rates

The Finance Ministry is considering the introduction of adjustments to property zone rates in order to ensure that the property prices used for tax purposes – known as “objective values” – are comparable with market prices, as Athens has pledged to its creditors.

A ministry official has told Kathimerini that the changes to be implemented to property zone rates across the country will in no way affect the 22 percent average reduction of the Single Property Tax (ENFIA) that has already been implemented. He made it clear that, if necessary, the ENFIA rates will be amended so as to maintain the reductions intact.

Among the ideas being considered by the ministry is the use of the data compiled by chartered property surveyors who had recommended zone rates for the entire country in 2018; the political administration of the ministry at the time opted not to implement these recommendations in a bid to avert the political cost ahead of the general election.

The leftist-led government softened the surveyors’ proposals in order to keep property taxation at the same level, but in the process failed to bring the objective values up to par with the going rates; this is exactly what this government intends to do, tweaking the ENFIA rates where necessary.

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