By Prokopis Hadjinikolou
Zone rates in 2,167 areas are implemented by the economic staff effectively closing the first major part of the property tax reforms. After the inclusion of the above areas in the system of objective determination of the value of real estate, almost 100% of the territory will have zone prices which even approach the commercial ones.
The second part of the reform concerns the changes in the commercial coefficients, and the zones which must now be modified, while the last and essential part of the changes foresees the activation of the permanent mechanism of readjustment of the objective values of the properties.
Until today, in the 2,167 regions, real estate was taxed approximately. They now get their own zone rate which means that each property in the area will pay a different ENFIA bill in the new year.
According to information, the competent services of the Ministry of Finance are proceeding with the delineation of the zones for these areas and in the next period the private real estate appraisers with autopsies will determine the new prices and will submit their proposals to the political leadership of the Ministry of Finance to receive the final decisions. According to the timetable, it is estimated that by the end of 2022 or at the latest in the first quarter of 2023, objective prices based on which all taxes and fees on real estate will be calculated will be available almost all of Greece.
At the same time, in collaboration with Universities and the Technical Chamber, changes in zone prices are being promoted, mainly in large urban centers with “mergers”, expansions and “breaking” of prices.
In the meantime, the pilot application of the electronic mass assessment system (CAMA) has already started. The system receives and will incorporate prevailing real estate market conditions and market trends. However, until it is put into normal operation, it should be established that the databases that receive the data “give” the real value of the properties.
The project gathers information that affects the value of real estate from all available sources, such as e.g. services and bodies of the wider public sector, (with an emphasis on the relevant data of the Land Registry and the AADE), as well as open data. Particularly:
a) property value data (e.g. contract values, rental values, assessed values, expropriation values
b) property characteristic data (e.g. land use, property surface, floor, proximity to metro stations, schools, electricity pylons, etc.).
The project, as reported by the Ministry of Finance, is a multi-purpose, integrated information system that will contribute to the determination of objective real estate values, since it will provide real estate data and values (data inventory) located geospatially.
Users have the option:
a) see urban blocks, road network, administrative division and points of interest on a georeferenced background orthophoto maps of the National Land Registry,
b) navigate to interactive maps,
c) to enter data and
d) to receive information on the estimated value of the property they are interested in.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.