Objective values reduction up to 20%

The Finance Ministry is headed towards the horizontal reduction of objective values in real estate for 2013. The pricing system by tax authorities, which serves as the basis for the calculation of taxes on real estate will change after Easter.

In the coming days the Greek government will show troika new law on automated calculation of objective values that will eliminate the committees of the Finance ministry, which were determining the values until now.

Especially this year, however, the Finance ministry plans to reduce the objective values throughout the country up to 20% on average due to the crisis in the real estate market and because prices have not changed since 2007. The large decrease specifically for real estate of companies and in large urban centers is considered as certain.