Pilot scheme for adjusting objective values of properties

The committee tasked with adjusting the property prices used for tax purposes (known as objective values) to the going rates is to present its first draft calculation to the government's coordinating committee, headed by Finance Minister Euclid Tsakalotos.

Sources say that after receiving the necessary data from the Bank of Greece, notaries and the Independent Authority for Public Revenue (IAPR), the task force members have created a model for the calculation of zone values based on today's market rates.

For pilot purposes, they have used an area in Athens where there is rather significant transaction activity compared to other areas that have only seen very few property sales in recent years. They utilized property price information that the central bank has in its database, and transaction data from the Notaries Association. They also used rental statistics from the...