Small realty owners to benefit

Owners of small and medium-sized property will come out on top following the adjustment of the Single Property Tax (ENFIA) in 2020.

Finance Minister Christos Staikouras told Open Beyond TV on Thursday that households with low and medium incomes will enjoy an additional benefit (in addition to the 22 percent reduction in 2019) from the 2020 reduction that will not be curtailed by the likely hikes in taxable rates, known as “objective values.” In contrast, owners whose property was undertaxed to date will see their ENFIA dues grow.

This year the government will proceed to a second set of ENFIA cuts, by 8 percent on average. In some cases the reduction will reach 12 percent, in others 7-8 percent while some can expect a 5 percent reduction.

The minister also stressed that 2,900 areas will be incorporated into the system of objective valuation, noting that this does not mean that all owners will have to pay a higher ENFIA: In certain cases properties in those areas are taxed at a higher rate, which is going to change.

Asked when the new objective values will be introduced and whether the SYRIZA practice of using the new rates for calculating ENFIA this year and the transfer taxation next year will apply, Staikouras said the time of implementation will be reviewed.