Objective values everywhere
The remaining 2,500 regions will enter the taxable rate system, expanding the tax base
The taxable value (known as “objective”) of properties owned in Greece is set to reach 900 billion euros, up from over €760 billion today, with the inclusion of the remaining 2,500 areas in the objective determination system.
These areas are mainly located on islands and it is particularly difficult to confirm the value of real estate as not only are no transactions made to have an assessment, but in several cases these are areas with very few inhabitants and even ruined villages. On islands such as Nisyros, Tilos etc there are abandoned villages and the owners of the properties are mostly abroad. However, there are also cases of settlements on larger islands such as Andros with few inhabitants which are outside the system of objectively determining the value of real estate. The surveyors who will start work in the new year have a very difficult task as they will have to recommend the zone rate in all these areas, as will local authorities too.
The 2,500 settlements correspond to approximately 20% of all settlements in the country. However, their population does not exceed 1.5% of the total population. The areas still outside town planning were identified through the Hellenic Statistical Authority’s last census, when it was found that in some areas outside the system there were properties and residents.
The last objective value adjustment took place in 2021 and prices were activated in January 2022, with 3,463 areas joining the system. In the 2021 adjustment, the lion’s share concerned island regions. For example, Kythira, Ikaria, Astypalaia, Karpathos, Symi, Tilos, Halki, Ithaki and Kefallonia as well as large parts of Corfu, Rhodes, Samos, Chios and Limnos were excluded.
Among the 2,500 regions under integration, more than 50 residents are recorded in 550 settlements, while in 800 settlements, the registered inhabitants do not exceed 50 in each. In 500 settlements the inhabitants amount up to 10 people and in 650 settlements there is no registered resident, according to the statistical authority.
