The changes in the objective values of the properties are put on hold until at least the beginning of 2025, while the activation of the system of automatic readjustment of zone prices to commercial values is postponed to the indefinite future.
The economic staff of the government has decided not to “touch” the levels of the objective values even though in many commercial areas contracts are made at multiples of the objective values, while delays are found in the “setting up” of the new information system in which all trends will be recorded but and real estate market data and objective will be automatically equated to actual prices.
However, the gradual expansion of the system of objective values in approximately 500 new areas throughout the country is progressing, the digitization of prices in areas outside the plan has been completed, while the news is unpleasant for 157 of the 169 municipalities that submitted objections to the Ministry of Finance requesting “haircut” of objective values, as only 12 municipalities are expected to reassess zone values by private real estate appraisers.
Interventions
The new timetable for interventions in real estate taxation foresees:
1. Corrections of objective values
Of the 169 municipalities that submitted objections in response to the increase in the objective values of the properties, only 12 are expected to proceed with the process of redetermination of zone values. These are the municipalities of Ag. Anargyron –
Kamaterou, Vrilissi, Chalandrio, Glyfada, Piraeus, Ithaca, Karpathos, Loutraki, Symi, Pyrgos, Rhodes and Leros. According to information, the Ministry of Finance had also asked the Municipalities of Mykonos and Astypalaia to submit additional data in order to examine their objection, but these municipalities did not submit the data, resulting in their objections being rejected, as was the case for the remaining 155 municipalities throughout the country that did not submit reasoned requests for recalculation of zone prices.
Among these municipalities is included the largest of the country, that of Athens, which was the first to drag the dance of the requests for a “haircut” of the objective values of the properties which were activated in 2022.
In the next few days, the decision of the Minister of National Economy and Finance is expected to be issued on the assignment to private appraisers of the review of the objective values for the 12 municipalities. The appraisers will submit their proposal to the leadership of the Ministry of Finance, while the minister will have the final say. In any case, if there are corrections to the objective values, they will not apply retroactively but from the date of publication of the ministerial decision.
2. Objective values across the country
The exercise of the gradual expansion of the objective system for determining the value of real estate in 2,167 areas throughout the country is underway. This is the remaining 1.5% of the territory where the required urban elements were missing.
In the first phase, approximately 500 areas throughout the country will acquire objective values. According to the planning, in Attica the system of objective zone prices will be extended to areas from Varkiza to Legraina, Agia Marina, Haraka, Daskaleio, areas from Porto Rafti, areas in Salamina, Kythira, Aegina.
In the rest of Greece, areas in Achaia (Diakopto, Aegira, Platanos, Selianitika, Psathopyrgos), Ilia (Kyllini, Ancient Olympia), Trikala (Pertouli, Elati, Pyli, Kastraki), Florina ( Amyntaio, Agios Panteleimonas, Prespes, Filotas, Drosopigi, Pisoderi, Krystallopigi, Meliti).
3. New objective values throughout the country
By 2025, the government’s economic staff will decide whether or not to proceed with changes in the objective property values across the country. It is recalled that the last price adjustment took place in June 2021 with the information stating that the next objective adjustment
values will be based on the recommendations of private real estate appraisers as the activation of the new automatic price adjustment mechanism to commercial values will be delayed.
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