Having received thousands of complaints from property owners in Cyprus, the authorities of the island State decided to extend the appeal period for another three months – until April 25, 2015. Earlier deadline was scheduled for late January 2015. Once again there were many problems and errors in estimating the cost of new housing and the amount of property tax (IPT), informs the ee24.com citing the Cyprus Property News.
It was planned that the tax of 2015 will be based on the new real estate prices, published on the website of the Land Registry. However, the deadline is cancelled once again, so the property valuation system of 1980 will be still used.
Because of new property valuation system, price for some objects increased dramatically. For example, a hotel in Paphos which in 1980 cost €6.5 million, now received a state price tag of €162 million, while the Bank has estimated it for €40 million.
Limassol
How to take an appeal?
Call +357 30 777 777 and follow the instructions. In case of refusal, personally contact the Land Registry and appeal in writing form. You should have passport and documents for property in Cyprus.
The cost of submitting an appeal depends on the 2013 valuation of the property:
For a property valued up to €100,000, the charge is €37.50.
For a property valued between €100,001 and €500,000 the charge is €75.00.
For a property valued between €500,001 and €1 million, the charge is €150.00.
For a property valued in excess of €1 million, the charge is €357.00.
Beach near Paphos
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