Twelve municipalities across Greece have raised objections, calling for a reevaluation of property values and a decrease in zone prices enforced since Jan. 1, 2022. These objections have been acknowledged by the Ministry of National Economy and Finance, which has agreed to review the requested ‘haircut’ of zone prices. Now, the responsibility for redefining the objective property values rests with private appraisers.

In a similar vein, it is worth recalling that in Jan. 2023, 169 municipalities appealed to the Ministry of Finance, arguing that the objective values were unrealistic and advocating for a reduction in prices of over 50% or even a return to 2018 levels. However, only 12 municipalities provided substantiated and documented requests for price adjustments. The remaining objections, including the one from the largest municipality in the country, the Municipality of Athens, were dismissed due to lack of substantiation.

Private appraisers interested in participating in the process have until Monday, May 20, to express their interest. Nevertheless, it is emphasized by the competent authority that a reassessment of objective values does not necessarily result in price reductions. Since the onset of 2022, when the current objective values were implemented, significant increases in property market prices have been observed.

Consequently, there will be no alterations in this year’s property tax (ENFIA) bills, which property owners have already commenced paying, nor in the transfer taxes for property transactions, parental benefits, gifts, and inheritances paid up until the implementation of the new ministerial decision.