Adjustment of objective prices all over Greece
The modification of the objective prices is targeting on closing the gap in between the selling prices and the objective prices of the properties all over Greece. The same time the government is working on changing the way of estimation of the objective prices as well. This is something that we expect it to happen in the beginning of the year 2020.
7.000 areas are going to be imported in this way of calculation and the profit is expected to be about 400-500 million euros. For example, a villa of 550s. m. in Mykonos which is for sale for 3,5 million is paying for ownership tax just 1.010 euros per year. This kind of abnormalities are about to change with the new estimation of the objective values.
The profit which will be collected from this change will be used in reducing other taxes such as:
Inheritance and parental transactions. It is being under consideration to reduce the taxes that need to be paid for this kind of transactions.
The ownership tax will be modified. In some cases, the ownership tax will rise, but in cases of low incomes the ownership tax will be significantly reduced.
As mentioned above, this action is a meter which eventually will equate the objective with the selling prices. For that reason, the objective prices in specific areas of Athens will be increased as well as in world famous destinations of Greece such as Mykonos and Santorini.