Photo: Sergey Yeliseev
When Cyprus was bailed out from its financial crisis, part of the condition with the troika was that it would have to finish revaluing the island’s properties. Indeed, the country’s Immovable Property Tax was based on outdated values from 1980 for many of its homes.
The bill to update the tax using the new values, though, encountered problems when an official from the land registry said that the method of reassessing a property’s value was not explained clearly enough, with some prices revised at six times their former value and other as high as 36 times.
“An initial view is that the process through which property prices have been revised has not been adequately substantiated,” he said. “The Land Registry and others failed to provide convincing explanations as to how it was done.”
Nonetheless, the Department of Lands and Surveys has made the updated values available to view online.
To view the worth of your home, you can log on to the Department’s website and enter the Title Deed details or information about its location provided by the developer or seller.
For a more detailed breakdown of the process, visit www.news.cyprus-property-buyers.com .