Local property tax set to change
- DATE: Jul 29, 2017
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- CATEGORY: MARKET TRENDS
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- AUTHOR: Elena Economou
Some will pay more and some will pay less local property taxes in Cyprus this year as charges will be assessed on 2013 property valuations rather than those of 1980 in efforts to provide a fairer taxation system.
LOCAL property tax in Cyprus is set to change this year as the Municipalities and Communities will be assessing the tax payable on the 2013 property valuations rather than the 1980 valuations.
It is anticipated that most people will pay about the same local property tax as they did in 2016.
However, the new assessments may result in those whose properties were registered as plots or fields in 1980 and which have subsequently been developed – and those whose properties are in planning zones that have subsequently been rezoned will pay more tax this year than previously.
Source:CyprusPropertyNews
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