Reduced objective real estate values to be announced
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.
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