A new information system that will automatically adjust the property values of real estate to commercial price levels is revealed in the new tax bill.
The system is expected to go live in 2025, when targeted corrections will be made in 12 municipalities that have filed objections. Meanwhile, in the same year, the objective system will be expanded to 2,167 districts across the country. All of these will be counted in the new system that will determine property values.
Central to the new system is the full digitization of all information on property characteristics, from location and area to infrastructure and commerciality of each area. All data will be integrated into a single platform where public sector databases will interact, providing complete information for each area.
The tax bill, which was put to public consultation, provides for the upgrade of the valuemaps.gov.gr platform, which will become the central hub for information on property values.
The digital platform valuemaps.gov.gr will function as the official digital register of the Ministry of National Economy and Finance for the determination of property values. The platform will display maps and data, such as Zone Prices, increase and decrease coefficients, as well as tables and calculations of property values. The data will be updated and regularly checked for validity.
In addition, users will be able to view property values and access detailed geographic maps depicting the zones of the LHA system.
The platform will include functions for calculating the objective value of real estate, while the urban data of municipalities will be continuously updated through the special geospatial application “Updating urban data APAA from municipalities”.
The government’s plan provides for the following:
1. Creation of a Real Estate Data Database: the aim is to collect data from various sources, such as public services (e.g., Land Registry, AADE) and open data. The database will include contract prices, rental values, property characteristics (e.g., land use, proximity to points of interest) and other information that affect property values.
2. Comprehensive Geo-Information System for Mass Appraisal of Property Values (CAMA): This is a multi-purpose information system to be installed at the General Secretariat of Economic Policy that will allow for the mass appraisal of property values for the public and private sectors in a transparent and institutionalized manner. The system will be based on the Computer Assisted Mass Appraisal (CAMA) methodology and will include interactive maps with data entry and management capabilities, so that users can view data on the assessed value of properties, their location and other relevant information.
The system will also provide services to third party systems and agencies and will be able to generate statistics, providing useful information to the real estate market.
