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Evaluation of real property

Iason Skouzos - TaxLaw > Practice Areas  > Real Estate  > Evaluation of real property

Evaluation of real property

The value of  land in Greece is assessed according to a so called “system of objective value” (or tax value).This system provides for a minimum value of real property according to objective criteria such as position, size, public facilities in the area, age of a building etc. This system has been imposed so that the tax authorities have a reference minimum value in imposing taxes in relation to land. In cases of transfer of land, the transfer tax is calculated on either that “objective value” or the value agreed in the contract, whichever is the highest. The objective values are usually significantly lower than the market values, but recently the government has stated the intention to bring them closer.  Similarly to taxes, most other fees and charges imposed in a land transfer contract are dependent on the objective value of the land or the contractual value of the land (whichever is the highest). Not all areas in Greece have been valued, so in some areas (mainly rural) the tax authorities make estimation of the value according to similar transactions or other available data.I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

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