Property tax rates in Greece should increase
Surveyors have submitted their recommendations for adjusting the value of zones to the Greek Ministry of Finance, with a system for calculating so-called objective values, the prices of assets used for tax purposes, including an additional 3,000 areas. The new values will take effect from January 1, 2021, provided that this allows the development of events with the coronavirus pandemic, otherwise it will be postponed for the second half of next year.
When the process is complete, the political leadership of the ministry will decide whether the rates of the new zones will be brought to the same level as market prices or will be a little lower. Sources say there are recommendations for a 10 to 15% increase in the objective values of areas such as Agia Paraskevi in northern Athens and Karpenisi in central Greece. As for the area of the caldera on Santorini, the rate of the zone is currently 1,600 euros per square meter, while surveyors recommend that the objective value there increase to 3,000 euros per square meter. However, the real market prices there range between 4,000 and 4,500 euros per square meter. In this case, the objective value will not be equal to the market price, but up to 50% below it.