Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel,

I see in your latest article re Immovable Property Tax Demands, that next year the Tax is going to be based on current property values. Have you any idea as to what method is going to used to give properties their current value. As far as I can see this could mean a big jump in what tax we pay this year and what we pay next.

Hi Vivi27,

I have no idea how the authorities are going to assess the current market value of properties, but there are standard methodologies for assessing values such as those used by the Royal Institute of Chartered Surveyors.

It's extremely unlikely that there will be any great increase in property taxes next year as the value bands will be adjusted as will as the values.

Regards,

Hi Nigel,

Thanks for the reply. I will await next years bill with interest.

I have seen a comment made By Pippa about the new 5000 exemption. I live on an apartment complex where a number of us have already paid our tax of the minimum of 75 euros. We have all paid too much since the rules have now changed and in some cases, because the apartment are in joint names, would have come under the 5000 exemption fee. It seems unfair that we have paid our taxes early only to find that if we had waited we could have saved money. We are all in same boat in that money is tight and therefore to have the rules change and find that we did not need to pay either some or none. What do you think are chances are of getting a refund or credit towards next years tax, or is this too much to ask for?

Hi Vivi27

The proposed changes have yet to be agreed by parliament (although I don't envisage anyone objecting). We'll have to wait and see what the revised law says once it's been agreed and published to see whether it will be possible to get a rebate - but personally I doubt it.

Regards,