Objective Values: How to Calculate Your Property’s Value

Related changes Objective real estate valuesBut the zonal rates in 2,167 areas are expected to be announced this year after the national elections.

In particular, the new government will be called upon to make decisions regarding the objections submitted by almost half of the country’s municipalities, which request a reduction in objective values. At the same time, by the end of 2023, others should be included in the objective determination system 2,167 regions 1.5% of the Greek territory as a whole.

The The objective value of the property It is basically its taxable value and every 2-3 years the finance ministry adjusts the zonal rates and by extension the objective values ​​of properties change. However, in the last two years, objective values ​​have been adjusted for two consecutive years in 2021 and 2022, and annual adjustments are now considered possible.

The objective values ​​are calculated based on the zonal values ​​and calculation methods of the state Taxation and set up Tax presumption Value of real estate.

How do you calculate fair value?

According to her guide AADEThe calculation of objective value is carried out by multiplying various coefficients and factors related to the property.

In particular, the Ministry of Finance provides sheets for calculating the value of a house or apartment and plot, while it has also introduced the application valuemaps.gov.gr, through which the owner can calculate the objective value of his property.

• “Property Value Calculation Sheets” FYAA

The property owner can follow the entry route for the application through the AADE website:

1. Home // Citizens // Tax Services // Real Estate // Real Estate Valuation Sheets.
2. Home // Business // Tax Services // Real Estate // Real Estate Appraisal Sheets.

Access to this app is done using TAXISnet codes.

A step-by-step process

1. The fields are filled respectively and according to the uniqueness of each property.

2. Forms with their instructions. The relevant POL-regulations analyze their fulfillment.

3. Technical data in the form of objective determination (FIAAA) and depending on the type of real estate (land, apartment, shop, warehouse, special building etc.) ZONAL PRICE (TZ), BUSINESS FACTOR (SE), PLOT UTILIZATION FACTOR (SAO), PLOT FACTOR (SO), PLOT PRICE (TO), GROUND FLOOR EXPLOITATION FACTOR (K) – these are determined and adjusted with results – and defining elements are selected as: facade (atrium, square, etc.), floor, surface, age of building, co-ownership, special conditions (earthquake, flood, fire, expropriation, etc.), dedication (preservable building, archaeological research, etc.) .

4. To calculate the value of real estate buildings, where the objective determination system does not match the objective criteria and depending on the type of real estate (apartment, shop, warehouse, industrial building, etc.), the starting price is used (determined and adjusted by the results) and the surface area, building age, specialty Defining elements such as conditions (earthquake, flood, fire, expropriation) are selected.

5. Also for determining the value of land outside the city plan and for dwellings without special building conditions with an objective determination system, depending on the characteristics of the properties, initial basic land value (ABA), initial land value (TOARCH), special basic land value (EVA) are used, which are The decisions will be determined and adjusted depending on the peculiarities of the land outside the city plan and special building conditions (such as agricultural use). , pasture, forest, etc.), building exploitation, location (within the general urban plan, face on national, provincial, community road), distance from the sea, completeness, expropriation, etc.

• Value maps

With this particular tool, the property owner can identify the taxable value of the property. To calculate the fair value of the property, the following steps should be followed:

1. Sign in to the app valuemaps.gov.gr
2. He writes the address of his property in the appropriate box at the top left.
3. He clicks on the map to see a box that pops up the zoning value of his property.
4. Open the objective value calculator application by clicking on the “€” symbol in the top right.
5. Fill in the box to the right of the property type “Residential (E1)”. “A.Start Price (Zone Price)” will be filled automatically.
6. Fill in the information: “B. Front Coefficient”, “C. Floor Factor” and Commercial.
7. Completion “D. Surface Area (cm)” and “E. Area Factor” will be displayed automatically.
8. If the width of the external walls of the property is greater than or equal to 0.50 m, the user selects the appropriate box.
9. In the context “F. Expiration Factor” is written in the year of manufacture. Years of seniority will be filled in automatically.
10. “G. Coefficients of special conditions”.
11. “H. Completion Factor” in the context of SAO and Completion Status.
12. In the field “Construction Method Factor” to select the construction method of the property.
13. Finally, the user “I. equipment factor”.