PROPERTY owners and buyers have until the end of the year to appeal the government’s valuation of their real estate and correct any other mistakes made in the process of fixing immovable property tax (IPT).
The extension – the previous deadline was end of April 25 – was approved in a law passed on Thursday by the House plenum.
It is the second extension given since November last year for filing objections.
Thousands of owners have complained of errors made by the land registry in valuating real estate based on the new, 2013 prices.
MP said that some 22,000 people have so far filed forms challenging the land registry’s valuation.
Owners can file an appeal by paying a fee that depends on the value of their property.
As part of Cyprus’ bailout agreement with international lenders, authorities here completed the revaluation of some half a million properties in June. It was initially planned that IPT for 2014 would be levied based on the up-to-date values, but the new rates will now apply for IPT payable in 2015.
If you wish to appeal their valuation you may phone the Land Registry help line on 77777730 and follow the instructions.
You will need to have your passport and details of the property handy. The Land Registry officer will check if there has been a mistake in the valuation while you wait.
If they say there is nothing wrong and you then decide to object to the valuation you may file your objection on the relevant form, which you or your representative must submit to the District Land Office in which the property is located with the appropriate fee based on the 2013 valuation of their property:
- For properties valued up to €100,000, the fee is €37.50.
- For properties valued between €100,001 and €500,000 the fee is €75.00.
- For properties valued between €500,001 and €1 million, the fee is €150.00.
- For properties valued in excess of €1 million, the fee is €357.00.
(Note that you will need Adobe Acrobat to read the relevant form and to display an approximate English translation of each field, float your mouse over the yellow speech bubbles.)
The latest property valuations can be found on-line by following my guide at Cyprus property valuations now online.