New objective values by July 2021

By mid-2021 the process for the adjustment of the property rates used for tax purposes (known as "objective values") will have been completed, according to the European Commission report in the context of the seventh enhanced surveillance report.

The Commission notes that the pandemic has frozen the procedures for data collection by surveyors, resulting in a delay in the updating of zone rates and the Single Property Tax (ENFIA).

However, the data collection that will lead to the determination of the objective values will be completed by the end of this year. The Finance Ministry agencies will then assess the valuations and implement the changes to the objective values where necessary across the country, along with the incorporation in the automatic values adjustment system of about 3,000 areas and their properties.

The report says that the agreed expansion of...