Local
articles | 21 November 2014

Appeals time extended for property tax values

Property owners have until April 25, 2014 to appeal the government’s valuation of their real estate and correct any other mistakes made in the process of fixing immovable propertytax (IPT).

The three-month extension – the previous deadline was end of January 2015 – was approved in a law passed yesterday by the House plenum.

The new 2013 property values have been published on the land registry’s website. These new values will be used for accessing and paying IPT from 2015. This year, IPT will be assessed using the old 1980 valuation.

Owners can file an appeal by paying a fee that depends on the value of their property.

Authorities have received thousands of complaints from people about errors made in the new valuations.

Earlier, lawmakers had heard of massive mistakes, including cases where new property values were hundreds of times larger than the initial values.

A Paphos hotel valued at €6.5m at 1980 values had been revalued at €162m, while a bank had estimated it at just €40m. A plot of land valued at €227,000 at 1980 values had been revalued at €7m.

As part of Cyprus’ bailout agreement with international lenders, authorities here completed the revaluation of some half a million properties in June. It was initially planned that IPT for 2014 would be levied based on the up-to-date values, but the new rates will now apply for IPT payable in 2015.

Source: Cyprus Mail

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