On Wednesday, December 22, the head of the Cyprus Department of Lands and Surveys said that by mid-2022, the office intends to complete a total assessment of about 2 million real estate objects.
Currently, employees of the Land Department are actively conducting a re-accounting and revaluation of land plots, housing and commercial real estate in the country. Employees of public and private organizations participate in the assessment. The process is carried out by purchasing evaluation services through offers.
Comprehensive assessment of real estate in Cyprus was first introduced on January 1, 2018, after it became known that about 200 thousand objects were not included in the register of the Department of Land holdings during previous inspections.
By the way, the issue of real estate accounting was raised during a meeting of members of the parliamentary Committee on Internal Affairs in 2017. The Chairman of the committee, Eleni Mavrou, stated that the last registration of real estate in Cyprus was carried out in 2013. Before that, the amount of taxes was calculated on the basis of 1980 prices. Over the 33 years that have passed between the last and penultimate periods of real estate re-accounting, there have been many problems that the authorities are still trying to deal with.
At the same time, the state treasury missed millions of euros in the form of unpaid property tax. To end the confusion, a new audit system was legalized in Cyprus, and satellite images of the area were used to register the property.
Currently, real estate is re-registered and revalued based on market value every three years.
If the owner of the property does not agree with the results of the assessment of the building or land belonging to them, they can apply to the Land Department with a request to conduct a new revaluation.
Since the property tax on the territory of the Republic of Cyprus has been abolished since 2017, property valuation is now used exclusively for calculating taxes on the sale and purchase of real estate, as well as municipal taxes for garbage collection and maintenance of wastewater and sewerage systems.
It should be mentioned that the registration and revaluation of real estate objects taking into account their market value is one of the requirements of the "troika" of international creditors (the European Central Bank, the European Commission and the International Monetary Fund), compliance with which allows Cyprus to receive loans if necessary.
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