In September, the revision of objective prices begins in 12 municipalities in Greece

Private appraisers are expected to “get to work” in September as they begin reviewing objective prices in 12 municipalities that have filed objections on the grounds that they are higher than commercial ones.

Competent sources make it clear that the price revision does not imply an automatic “cut” in cost, and if adjustments are made, they will in no case be applied retroactively.

In practice, this means that there will be no changes to the bill this year. ENFIA and in taxes on the transfer of property (purchase and sale, transfer to parents, gifts and inheritance). The list includes the following municipalities: Ag. Anargyroi-Kamateros, Vrilissia, Chalandriou, Glyfada, Piraeus, Ithaca, Karpathos, Loutraki, Symi, Pyrgos, Rhodes and Leros.

However, after the submission of proposals from private appraisers to the management of the Ministry of Finance, the final word on the “haircut” of the starting prices for 36 zones and the “depth” of the reduction will be given to Kostis Hatzidakis.

The reductions will come into force from the moment the ministerial decision is published.

It is worth noting that only 12 municipalities out of 169 that filed objections will continue the process of revising the objective prices, as the rest were rejected by the Ministry of Finance as unfounded and due to the fact that the significant increase in commercial prices on the real estate market in recent months has exceeded the difference that existed between the objective and commercial prices. In the event of a “cut” in objective prices in 12 municipalities, a number of taxes and fees levied on real estate will be automatically reduced, such as:

1. Main ENFIA is charged based on the scale of the basic tax amount per square meter of real estate, depending on the size of the zone, the price per square meter is applicable in the territory of each real estate object.
2. Additional ENFIA individuals, which is imposed on the amount of the taxable value of buildings and areas within urban plans owned by each individual, if this amount exceeds 250,000 euros.
3. Real Estate Transfer Tax (FMA)which is calculated at a rate of 3% of the objective value of each property sold and is paid by the buyer.
4. VAT at 24% levied on sales of newly constructed buildings that are not the first place of residence.
5. Building use tax.
6. Land exchange tax.
7. Property distribution tax.
8. Tax on property (TAP), which is collected in favor of municipalities through electricity bills and is calculated with coefficients scaled from 0.25 ‰ to 0.35 ‰ from the values ​​of the target zone of electrified buildings.
9. Municipal tax levied on the transfer of property (calculated as a percentage of the transfer tax).
10. Additional fee for transfer of contract.

Expanding the “constellation” of objective values

Meanwhile, the process of gradually expanding the objective system of determining the value of real estate to 2,167 districts across the country is underway. This is the remaining 1.5% of the territory where the necessary urban development data was missing. According to the plan, in the first stage, objective value will be assigned to about 500 districts across the country.

These include Attica, where the objective zone value system will be extended to the areas from Varkiza to Legreina, Agia Marina, Haraka, Daskalio, the areas from Porto Rafti, the areas in Salamis, Kythira, Aegina, and in the rest of Greece to Achaia (Diakopto, Aegera, Platanos, Selianitika, Psathopirgos), Ilia (Kyllini, Ancient Olympia), Trikala (Pertouli, Elati, Pyli, Kastraki) and Florina (Amynteo, Ag. Panteleimon, Prespes, Filotas, Drosopigi, Pissoderi, Krystallopigi, Meliti).

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