Possible new reduction in single property tax in 2020

The economic team is exploring all the scenarios to find a way to reduce the single property tax.

According to sources in the information publication The new government intends to reduce the single property tax in the next 2020.

The economic team is studying all the scenarios in order to find a way to reduce the tax without creating a state-economic gap that would cause a “grunt” from the institutions.

Minister of Finance Christos Staikuras expressed confidence that in 2020 the unified real estate tax will be reduced by 10% in a state-economically neutral way.

According to the Minister of Finance, additional money will be received from the reform of objective value, which will be completed, as he said in May.

However, he made it clear that the question of increasing a single property tax on agricultural land (plots outside the municipal development plan) is not worth it.

According to him, the increase in taxation will occur in zones and is aimed at a more equitable taxation of real estate.

Objective value

The Ministry of Finance announces the expansion and rationalization of the system of objective assessment of real estate, since a significant part of the property has long remained outside the objective zones, which accordingly affected the distribution of the tax burden.

He argues that the ultimate goal is to modernize and rationalize the structure for creating property taxation economically more efficient and socially equitable.