Realty value up almost 20%

The real estate property of Greeks has increased in value by 94 billion euros to €577 billion following the adjustment of the taxable prices, known as objective values, Finance Minister Christos Staikouras told Skai Radio on Monday. When the €175 billion of properties owned by corporations are added, the sum of privately owned realty in Greece tops €750 billion.

The growth of objective values, applying as of January 1, has raised the total value of properties owned by individuals by almost 20%.

Despite that high growth rate in values, this year’s Single Property Tax (ENFIA) will come in reduced form to four out of every five owners on Tuesday, as the state will seek to cash in €380 million less in 2022. The new ENFIA will be lower for 5 million taxpayers, with Staikouras stating that 13% of owners will see no change to their dues and only 7-8% will have to pay more.

The average drop for owners amounts to 13%, and comes on top of the 22% recorded between 2019 and 2021, taking the total reduction beyond the 30% rate New Democracy had promised before the 2019 election.

The new ENFIA will be more than 20% less for 2.2 million owners, and 30% less for 900,000 taxpayers. Some 820,000 individuals will pay the same as they did in 2021 and about 440,000 will have to pay more: In their majority those who pay more this year will be those with assets in areas included in the objective values system for the first time, or areas where the zone rates soared with the adjustment of values to the market rates. For 50% of those that see ENFIA hikes, the extra burden will be no more than €50 euros each, but others will see their ENFIA bill soar as the objective value of their asset has doubled.

As of this year ENFIA will be payable in up to 10 monthly tranches, with the first due by the end of this month and the last by February 2023. The tax authorities will use 2020 income data for the taxpayers eligible for a 50% reduction or complete exemption from ENFIA.