Greece unveils new property tax values; Mykonos, Rhodes hit hard

Greece unveiled on Monday updated real estate values for assets across the country in a move that will increase the tax bill paid by property owners on popular islands, such as Mykonos and Rhodes.

The changes are part of Greece’s obligations to official sector creditors to reduce inequalities regarding the payment of the ENFIA levy and broaden the number of areas where property taxes apply.

Finance Ministry officials said that these values will move a lot closer to their market prices.

Data shows that in 55 percent of districts, the increase in tax values will be 19.5 percent and that a drop of 14.7 percent is seen in 21 percent of districts. Figures remain unchanged in 24 percent of areas.

The tax value of some homes on the popular island of Mykonos, for example, jumped to 3,800 euros per square meter, from 1,200 euros. Sharp increases also appear in some northern Athens suburbs (Marousi and Chalandri) and the islands of Rhodes, Kos, and Kefalonia.

Finance Minister Christos Staikouras said that many property owners will not see a rise to in their annual ENFIA payment as the higher tax numbers will be offset by lower tax rates. Experts, however, add that the hikes will also result in higher transaction costs in property deals, boosting expenses, such as notary fees.

The changes will take effect as of January.

ENFIA 2021