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The Ministry of Finance decided to increase the tax burden on real estate outside the town planning of built-up areas in the country. The first step in aligning the tax assessment with the market prices of real estates was set in the 2011 budget.
 
A representative of the Ministry of Finance gave an example of ridiculously low values of property tax on luxury houses located in the outskirts of the country and on the islands. They were built outside the city plan and were taxed between seven to ten eurosr. In most of the cases those are holiday houses that are second or third property of Greek households.

Beautiful buildings in scenic areas of the country are subject to minimum tax because, according to the present law the, buildings outside the built-up areas were market unattractive. In fact, this is just the opposite today and the PASOK government has undertaken to change the system for calculating the tax assessment of real estates in Greece. The new system will make the tax assessments very close to the market prices. To shift to a new type of calculation of prices, the Ministry of Finance has given green light to form a special committee. It will collect data and monitor the daily movements of property prices in different regions in the country and on the basis of this information it will provide new tax assessments values at the end of 2010.

According to the initial information, the tax assessment of the buildings included in the city plan will increase between 10% and 30%. In larger cities, where tax assessments of buildings are closer to market prices, the increase will be about 10%. However, in areas with greater difference between market value and tax assessment the increases will be 20%-30%. Tax assessment for buildings outside the town plan will be raised even by 50%. The increase for buildings that are provided shortly to be included in town planning or are in coastal areas will be over 50%.

The aim of the alignment of property tax assessment and market price is more funds to be raised into the state treasury each year. Furthermore, the owners of real estate will take the burden not only of higher taxes but of higher bills for electricity too. The well grounded claim that one of pricing indicators in the calculation of consumed electricity will be the tax assessment of the property that will further increase the already high bills for electricity in Greece.