Reduced objective real estate values to be announced

18 January 2016
660 Views

The Ministry of Finances has revised the objective value for real estate and carried out reductions ranging from 5% to 21%, depending on location. Most of the reductions will be applied to areas that had a valued between 1,000 and 3,000 euros per square meter.

According to the relevant ministerial decision, these new tax values will retroactively come into effect in May 2015 and will be used in calculating the ENFIA bill for 2016. The last time that the government changed objective property values was in 2007.

Although property values will go down, the ENFIA tax will remain the same, since the bailout mandates that the government must collect 2.65 billion euros from taxing property. As such, the government will likely raise ENFIA rates to offset the reduction.

The reduced property values though will mean that taxes on transfers, inheritance, donations and certain fines will be reduced.

You may be interested

BBC: The last speakers of Ancient Sparta
GREECE
shares41 views
GREECE
shares41 views

BBC: The last speakers of Ancient Sparta

Panos - Feb 26, 2021

As you enter the mountainous village of Pera Melana in Greece’s southern Peloponnese peninsula, you’re likely to hear the roar of…

Coronavirus Greece: 1,784 new cases, 367 intubated, 39 deaths
GREECE
shares60 views
GREECE
shares60 views

Coronavirus Greece: 1,784 new cases, 367 intubated, 39 deaths

Panos - Feb 26, 2021

Greece announced today that the new laboratory confirmed cases of the disease recorded in the last 24 hours are 1,784, of…

60% of Greeks say they feel worse due to Covid-19 lockdown
GREECE
shares50 views
GREECE
shares50 views

60% of Greeks say they feel worse due to Covid-19 lockdown

Panos - Feb 26, 2021

Greeks say their daily lives have become worse after a year of experiencing the Covid-19 lockdown measures. A survey conducted by Focus…

Leave a Comment

Your email address will not be published.