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Cyprus to introduce amendments in taxation for property owners
Cyprus to introduce amendments in taxation for property owners
May 27, 2010The government plans to attract additional €10-€20 million a year to the island’s budget through amendments in the Law on property taxation.
Currently, owners of properties worth more than €427,000 are taxed at the rate of €3.5 per a thousand euros. Taxes for properties which value exceeds €850,000 work out €4 per thousand, Cyprus Property Magazine writes.
However, these rates were calculated on the basis of 20-year-old prices. Moreover, some developments are registered as land plots or farms.
Cyprian authorities intend to reassess all the properties on the island. They intend to fulfill their plan within about five years. In the meantime, they are going to increase taxes for owners of properties worth more than €10 million. There are 1.800 such proprietors on the island. Officials promise to enact the law as soon as possible.
After the revaluation of properties, tax rates will be raised for other owners.
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