ECONOMY

Objective values shift in suburbs

objective-values-shift-in-suburbs

The Finance Ministry is adjusting the property rates used for tax purposes (known as objective values) for the suburbs of Psychico, Filothei and Ekali in northern Athens and parts of Tinos island, following the recommendations of surveyors appointed by the ministry and in compliance with the decision by the Council of State, the country’s highest administrative court.

Values in most zones are set to fall, in line with market prices, with only four areas to see hikes.

The new rates will apply retroactively from October or December of 2019, depending on the area, and will lead to reductions in this year’s Single Property Tax (ENFIA), as well as the transfer tax for property transactions since late 2019.

Municipal tax will also have to be adjusted accordingly.

The national adjustment of objective values is now expected to take place in the latter half of 2021, as the pandemic does not allow for surveyors to obtain a sufficient view of market rates or to conduct spot checks regarding the course of the property market around the country.

Even if the objective values do change in the second half of 2021, it remains unknown when that will be reflected in taxation, which could be in January 2022.