Property tax to be based on existing values

The government will not only continue to impose the Single Property Tax (ENFIA) on owners but it will also use existing objective values – property rates used for tax purposes that are typically above market prices – to determine the level of the tax payable by owners. It has also maintained the previous government’s collection target of 2.65 billion euros, Alternate Finance Minister Tryfon Alexiadis said on Wednesday at a press conference.

The recently appointed official added that work is being done at the ministry to determine the mix of the new ENFIA, or the balance between the main and supplementary taxes,with consultations continuing with the country’s creditors.

Sources say that the ministry is trying to shift some of the burden from the main to the supplementary tax, which is payable only by owners whose properties have an objective value of at least 300,000 euros.