Online system in preparation for real estate appraisals
The Ministry of Finance is planning an online system for mass property valuation, which should be tested next year.
This would be an automatic system leading to the adjustment of property tax rates, called “objective values”, while offering citizens the possibility of knowing the price level across the country.
The ministry has already requested technical assistance for the implementation of the project, and the platform to be created will integrate everything relating to a property: from town planning and cadastre data to a digital map of objective values.
After the creation of the digital map, where each citizen can find the area rate and the objective value of a given property, the ministry will start the development and application of the information system of mass property valuations with the creation of an evaluation model. The latter will take into account and integrate the current conditions of the real estate market and its trends, on the basis of statistical methods of analysis and data management, according to European and international practices.
Ministry officials say preliminary work has already started on land taxation to ensure both social justice and financial efficiency.
The system will collect data affecting the value of real estate assets from all available sources, such as agencies and public sector entities at large (with emphasis on information from the National Cadastre and the Independent Authority government revenue) as well as open data, such as property size, proximity to metro stations, parks and schools, etc.
At the same time, the ministry started to prepare the single property tax (ENFIA) for next year: on the order of Minister Christos Staikouras, a special working group of 18 members set out to define the new structure and the new ones. tax rate, adjusted to new objective values. The team’s mission, according to the Minister’s decision, is “to constitute the new ENFIA and to adjust its prices to the evolution of the objective values of the properties”.