GIS to replace fair market value estimation for Greek properties
An objective tax evaluation system
The Ministry of Economy and Finance is working on the development of a Geographic Information System that will be able to offer centralized mass assessments for real estate property values.
The draft law on "fighting against tax evasion" that is currently under consultation (Articles 32,33,34), is establishing that the Hellenic Ministry of National Economy and Finance will be responsible to assess and determine real estate property values.
A digital Database for real estate and values will be introduced, so called "Real Estate Registry", along with an Integrated Geographic Information System for mass real estate appraisals (Computer Assisted Mass Appraisal model).
This model will operate as a central geospatial infrastructure system, in which mass real estate appraisals will be generated. The appraisals will be calculated based on data filled in the Real Estate Registry and specialized algorithms will then deliver automated assessments for the value of each filled property.
The model is being developed in accordance with current real estate market conditions and is designed to keep historical records of all estimated vales, as well as to deliver relevant statistics.
The Real Estate Registry includes and maintains data from the Registry of Real Estate Transfer Values, the "Real Estate Value Bank" database that gathers data from the "Digital Services of Public Property and National Endowments" information system, as well as all available sources of real estate data from public and private entities.