Greece Introduces Automated System for Temporary Adjustments in Property Values

Greece’s Finance Ministry is set to implement an automated system that will temporarily revise objective property values, for up to six months. This mechanism will be triggered whenever the Council of State or another court invalidates the official property evaluation rates for specific regions of the country.

More specifically, a legislative amendment was introduced on Tuesday establishing a temporary automatic system for determining transitional starting values for calculating property objective values.

According to the new system and until a new ministerial decision is issued to determine updated objective property values, the starting value will be, first of all, based on the average of the annulled starting value and the most recent valid starting value preceding it; or it will be based on a 30% reduction of the annulled starting value, if no prior valid value exists.

These provisional objective values will serve as the basis for calculating property transfer taxes and the Unified Property Tax (ENFIA).

The temporary objective values determined by the system will be valid for a maximum of six months.

The new provision mandates that within six months of receiving a court annulment decision, a ministerial decision must be issued to set new objective values.

For court decisions issued before this provision takes effect, the new starting values must be published by April 15, 2025.

This system ensures a smoother transition in property valuation and taxation following judicial rulings that impact property zone pricing.