Upgrading the Property Valuation System in Rural Areas in Greece

The Commission aimed at upgrading the property valuation system in rural areas of Greece. It supported the digitization of zonal information and the implementation of a modern valuation system, aligning objective and market property values to facilitate a fully digitized valuation system.

Context

The project supported the the Ministry of Economy and Finance (MoEF) in Greece and particularly the Independent Department of Valuation & Determination of Property Values (ATEPAA). The primary objective was converting non-digitized zonal information into a digital format on a GIS background, with a focus on designing a modern valuation system for rural areas to align objective and market property values, providing reliable data for a fully digitized valuation system. The methodology of value estimation for rural areas remains the same for the last 20 years and needs to be revisited so that taxable values align with actual market values and valuation methods comply with international best practices, while the last update of values in rural areas took place in 2008.

Support delivered

The project delivered the following outputs:

• Analysis of the current property valuation situation, including the regulatory framework, economic environment, zoning, current processes, governance models, data availability, and best practices from other EU Member States.
• Recommendations for improving rural property valuation, including modernized forms and a future IT architecture for system interconnection.
• Digitization of rural property value zones across Greece using a Geographic Information System (GIS) platform for automated property value calculation.
• Testing and capacity-building on the upgraded methodology on a sample of rural properties to verify effective valuation for tax purposes.
• An implementation roadmap and action plan detailing the reform's rationale, implementation means, stakeholder engagement, and timeline.

Results achieved

The project significantly facilitated the transformation of non-digitized zonal information into a digital format on a GIS platform and laid the foundation for designing and implementing a modern valuation system for rural areas. The technical support provided a transitional framework for integration with the Greek appraisal system for the real estate market. All rural areas across Greece have been digitally mapped on a GIS platform, and the existing valuation approach for rural areas has been revisited based on a standardized methodology compliant with international valuation standards. The Ministry of Economy and Finance now has improved capacity for the effective implementation of property tax reform in Greece. The main future challenge is ensuring permanent access to reliable data and integrating the CAMA system for a fully digitized valuation system.

More about the project

You can read the documents related to the project here: