Cyprus Property Forum for Buyers, Sellers & Investors

I have recently received the title deeds, dated 29/1/2014 (after 12 years) for my apartment which is half shared with my partner. The 1980 market value is given as 21.500,00 euros. One other figure is given as 215,00 euros under a label of 'Assessed Value' (English translation). What does this figure mean? Is there likely to be a demand for IPT this year? And what will be the situation next year?

At least 1.100,00 euros of IPT has been paid via the developer in recent years, can this be reclaimed?

Thanks

Good morning Billsan and welcome to the forum.

IPT will be levied on the €21,500 - and you will be exempt this year. As you and your partner each own 50% of the property (€10,750) you will be exempt from paying IPT this year as this falls below the figure at which IPT is payable.

I'm not sure what the 215,000 figure is (I have this on my deed as well - 10 times the 1980 value).

Yes - you can submit an application to the Inland Revenue to recover any legitimate overpayments of IPT you have made in past years. I suggest you visit your local Citizens Service Centre - they will have the forms and the should be able to help you complete them - and you will need information from the vendor (developer).

Regards,

Many thanks Nigel.

The figure that translates as 'Assessed Value' on my deed is actually only 215 euros, one hundredth of the 1980 value. The mystery deepens.