- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

One sixth of properties not registered

Cyprus properties not registered for tax

BUILDINGS on 211,811 plots were found to have never been valued by the Land Registry Department with their owners not paying property tax or sewerage fees. The buildings were detected in the latest valuation process conducted by the Department.

Of these, 73,412 were found in Nicosia, 37,185 in Larnaca, 10,556 in the Famagusta district, 57,529 in Limassol and 33,199 in Paphos.

In the meantime, apartments in the Limassol Marina have been valued at over €17 million each by the Land Registry Department but although being spared the property tax – since its abolition by parliament – will pay higher sewerage fees in line with other owners whose houses and apartments are taxed as if they were plots.

Land Registry Department Director Andreas Socratous explained to the House Interior Committee how the 1,133,298 plots in Cyprus have been valued of which 433,212 are houses and 66,178 commercial units

A total of 5,000 houses were revalued by using Google while software was developed to locate plots and describe external characteristics of immovable property in 21 villages in the Nicosia district, while drones were also used to collect information.

A total of 58,808 photographs were taken during the valuation process.

A total of 40,387 applications were received to correct valuation mistakes valuations of which 84% (34,021) have been completed.

A total of 1,699 applications were submitted questioning the initial valuation of which 35% (588) have been completed.

Since 2014, vertical overview aerial photography has been used to determine surface area and elevation to determine valuations.

A total of 200,000 plots were re-valued especially in Aglandjia and Deftera where they were initially overpriced due to the area that they were in.

Members of the public can submit the characteristics of their homes and request the Land Registry Department to compare it with the characteristics used to determine the valuation. Those wishing to do so, are required to obtain a specific number for this at the Citizens Service Centres.

The next projected date for valuations will be January 1, 2018.

Senior Land registry Department official Varnavas Pasioulis said that any excess property tax which has been paid due to a mistake in valuation will be returned.

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