Finance Ministry considers phasing in property tax rise in two stages

The Finance Ministry is examining new strategies regarding the new "objective values" (property rates used for tax purposes), as the plan for two separate sets of values for each property appears to be a nonstarter, while the country's creditors are pushing for an automatic mechanism to revise the rates.

The revised bailout agreement describes the alignment of objective values with market prices and the creation of a permanent unit within the ministry to constantly update the zone rates as prior actions.

However, Athens will propose to the creditors that the property-related taxes and levies be adjusted gradually to the new objective values, with a lower increase rate for all 21 taxes just for this year, and a further revision of the tax rates next year to match the rise in objective values where applicable.

Sources say that the plan that foresaw the use of two...