The non-taxable limit to real estate will be set at 500,000 euros per family said State Minister for Coordinating Government Operations Alekos Flambouraris speaking with MEGA TV. He said that this amount would be calculated according to “objective property” values, noting that “we cannot have a horizontal reduction, there has to be a zoning”, something which could take a while. He noted that objective values would not be horizontally reduced by 30-35% and that the readjustment would take into account zones. Some regions would need a 10% reductions, whereas others would need 40%.

He said that the bill on the large property tax which would replace the controversial Joint Real Estate Ownership Tax (ENFIA) is already being processed and called on citizens to pay the last ENFIA tranche. “There is no way that the limits for property would be placed beneath 500,000 euros per household with the reviewed objective values,” he clarified, adding that the large property tax to replace ENFIA is already being processed however he called on taxpayers to pay the last ENFIA tranche nonetheless.

It is still uncertain if the 500,000 euros per household tax-free threshold would take into account the full values of property or just concern the primary residence. For instance, he did not state whether the large property tax would be applied if a family owns three homes worth up to 500,000 euros in total.

He said that the restitution of the tax-free threshold to 12,000 euros per year would need at least three months to be processed and would not be implemented until May or June at the earliest.