Real estate valuation
The scenario concerning the postponement of reforms to the real estate market's taxation system is back on the table. Given that the coronavirus pandemic has locked down economic activity and reduced property transfers to a bare minimum, the argument that it is impossible to make correct valuations of property values is increasingly gaining ground.
The Finance Ministry is planning to include an additional 2,000 districts across the country in the system of taxable property rates known as objective values.
Sources say that the whole of Greece will have been included in the system by the end of the first quarter of 2020, which means a total of some 7,500 districts will be incorporated.
Property surveyors will from now on undertake the adjustment of the taxable real estate rates known as objective values, according to a regulation submitted to Parliament on Thursday for ratification. This means that the extraordinary procedure employed in 2018 with the chartered surveyors will turn permanent as of 2019.
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.