26 Feb Fair market values (tax values) of the properties – how are they going to be set
Fair market values (tax values) of the properties – how are they going to be set
The Ministry of Finance is about to hire 111 more assessors, to be added to the 332 ones who have already started working on the project of submitting the new fair market values per square meter in each аrea regarding buildings and plots located all over the Greek territory. The aim is to assimilate the tax values with the real market values and collect money for the public fund.
Right after that, the officials of finance will set the new fair market values, which will be adjusted to the commercial ones. Given that in 2019 a significant raise of the property prices has been noted, there will probably be a raise of the fair market values in many areas. At the same time, the objective system of setting the values will expand to thousand more sareas, which now are out of this system. The new prices are consequently going to lead to heavier tax burdens, such as the unified real estate property ownership tax (ENFIA), as well as a series of other real estate property taxes. As a counterweight, the government is planning to proceed to a further decrease of the unified real estate property ownership tax (ENFIA) of 8%.
It is expected that the final decisions will be taken in May. As far as the unified real estate property ownership tax (ENFIA) of the year 2020 is concerned, this shall be calculated upon the new fair market values.
Pursuant the decision of the Minister of Finance:
– The comparative data that the assessors will take into consideration have to be sufficient, to represent to the maximum possible extent the geographical coverage of the area which is under estimation, approaching the elements of the real estate property in reference and refer to the period of the last 12 months. The autopsy at the assigned area is considered compulsory, whereas the inspection of the comparative areas used for the evaluation is considered useful thus not compulsory.
– The assessors shall mainly apply the comparative method, which is based on transactions already concluded or on demanded prices for other properties having similar characteristics to the indicative real estate property in reference, however applying the appropriate adjustments.
– The assessors’ work shall have been completed on the 10th April 2020 at the latest.
Source: newspaper “NAFTEMPORIKI”, online edition.