by admin Zone rates are implemented in 2,167 areas by the government’s economic staff, effectively completing the first major part of the new property tax reforms. After the inclusion of the above areas in the system of objective value determination of of real estate, almost 100% of the Greek territory will have zone prices which will even match the commercial value prices. The second part of the reform concerns changes in the commercial coefficients and the zones which must now be modified, while the last and essential part of the changes foresees the activation of a permanent readjustment mechanism for the objective values of properties.
Until today, properties in the above 2,167 areas were taxed by approximation. Now these are given their own zone rate, which means that each property in the areas will pay a different ENFIA tax bill in the new tax year. According to information, the relevant services of the Ministry of Finance are processing the delineation of the zones for these areas and in the next period, autopsies by private real estate appraisers will determine the new property prices and submit their proposals to the political leadership of the Ministry of Finance to receive the final decisions. According to the schedule, it is estimated that by the end of 2022 or at the latest in the first quarter of 2023, new objective value prices will be calculated and will be available in almost every part of of Greece. All new taxes and fees on real estate will be based on these new objective values. At the same time, in collaboration with Greek Universities and the Technical Chamber, changes in zone prices are being promoted, mainly in large urban centers with “mergers”, expansions and “breaking” of prices.
In the meantime, the pilot project application of the electronic mass assessment system (CAMA) has already started. The system receives and incorporates major real estate market data and market trends. However, until it is fully operational, CAMA should be programmed to determine the real value of the properties by rating the databases from which it is fed with information. The system gathers information that affects the value of properties from all available sources, such as e.g. services and bodies of the wider public sector, with an emphasis in the relevant data of the Land Registry and the Finance Authority (AADE), as well as open-source data. The latter includes: a) property value data (e.g. contract values, rental values, appraised values, expropriation values, etc.); b) data based on property characteristics (e.g. land use, property surface, floor, proximity to metro stations, schools, electricity pylons, etc.).
The CAMA project, as reported by the Ministry of Finance, is a multi-purpose, integrated information system that will contribute to the determination of objective real estate values, since it will provide real estate data and price data (data inventory), which will operate geospatially. Users will be able: a) to see town planning blocks, road networks, administrative divisions and points of interest on a georeferenced background of orthophoto maps of the National Land Registry, b) to navigate through interactive maps, c) to enter their own data and d) to receive information on the estimated value of the property they are interested in.
Original source: Prokopis Chatzinikolaou