Property valuations for IPT payment

[riggincy]

After 11 years and Euro 9,000 expenditure, we at last got out title deeds. It was a nightmare, but we got there in the end. The house on the deeds was valued at 600K. About twice what it was worth and without anyone coming to even look at it.
I was told that there is a 3 month deadline for altering this amount. (The 1980 valuation is somehow taken as 10% of this ie Eu 65,000) ,now long gone. Of course IPT is based on this inflated amount. Can we expect a new valuation in line with the Troika condition for revaluing all properties on the island during 2014, or is this a pipe dream?

Jeremy Rigg,
5 Exo Frakti St.
Anoyira 4603

[Nigel Howarth]

Hello Jeremy and welcome to the forum.

I'm sure you've mistyped the figures. Had the property's market value been €600,000, your Property Transfer Fees would have been €41,165.59 if you'd bought in a single name - or €34,331.18 if you'd bought in joint names.

The Title Deed shows the 1980 value of the property - can you please post this value.

Regards,

[riggincy]

Hello Jeremy and welcome to the forum.

I'm sure you've mistyped the figures. Had the property's market value been €600,000, your Property Transfer Fees would have been €41,165.59 if you'd bought in a single name - or €34,331.18 if you'd bought in joint names.

The Title Deed shows the 1980 value of the property - can you please post this value.

Regards,

The 1980 valuation is taken as 10% of this current value, ie.Eu.65,000. Will we get devalued this year?

[Nigel Howarth]

The 1980 valuation is taken as 10% of this current value, ie.Eu.65,000.

The 1980 valuation shown on the deeds is not taken as 10% of the property's market value at the date of transfer. What gave you that idea?

The 1980 value of my home is €60,000 and I expect this will increase to around €400,000 - €450,000 after the revaluation.

Regards,