The implementation of the bailout commitment to overhaul the tax value of real estate in thousands of housing and land zones nationwide by the end of March is preoccupying the discussions between the government and Greece’s creditors.
This is despite the fact that the competent committees that will implement the measure and the valuators that will make the assessments have already been picked.
Questions remain about how the so-called objective tax values can be revised to reflect the current commercial values of properties, when the market has come to a standstill and the data on which one might draw comparisons is quite limited.
The finance ministry is keenly aware that it is impossible to complete the registration of valuations in an astounding 10,000 zones nationwide within a month, much less to produce a fairly accurate assessment of the market values of properties.
Consequently, the finance ministry hopes to draft by the end of March – or as soon as possible thereafter – a rough, tentative registry of values by zone, which will gradually be revised and updated on a rolling basis, as more accurate data and comparative analyses can be completed.
Online property auctions go forward
As for the auctions of foreclosed properties, which are going forward online but still are being beset by protests, the finance ministry says it has made significant progress in establishing a nationwide network of notaries for implementation of a key bailout commitment.
The issue impacts directly on the solvency of Greek banks, which are heavily burdened by non-performing loans and are currently undergoing crucial stress tests.
