Cyprus Department of Lands and Surveys has carried another property evaluation, the results will be known at the end of 2021.
As you may know the new complex real estate evaluation system was introduced in Cyprus on January 1, 2018.
As a result, the inventory and revaluation of real estate based on market value in the country is now carried out every three years to assess the tax on the sale and purchase of housing, as well as the calculation of municipal taxes for garbage collection and maintenance of the wastewater and sewage system.
Prior to that, taxes were calculated based on 1980 prices. It is worth noting that there are about 1.2 million properties in Cyprus. 200 thousand were not included in the register until 2013 at all, until this issue was raised during a meeting of members of the parliamentary committee on internal affairs. This means that the state treasury lost millions euros because of unpaid property taxes.
An audit was carried out in the country. However, from 2013 to 2015, real estate tax was still based on 1980 prices. The officials were finally able to come to a general consensus only by 2018.
Satellite imagery is used today to register property in the country.
In addition, employees of public and private organizations participate in the evaluation.
Real estate owners who do not agree with the results of the examination have the right to apply to the Cyprus Department of Lands and Survey with a request to conduct a revaluation.
By the way, registration and revaluation of real estate based on market prices was one of the requirements of the "troika" of international lenders, which include the European Central Bank, the European Commission and the International Monetary Fund. Compliance with this rule allows Cyprus to periodically receive loans from the EU.