The amended Immovable Property (Tenure, Registration and Valuation) Law of 2014 (L.110(I)/2014) puts into effect the new General Valuation of Land at prices as at 1.1.13. The new valuations were conducted in four stages by the department of Land and Surveys based on the natural and legal characteristics of the property in compliance with the provisions of the Memorandum of Understanding and they will replace the Valuations so far as at 1.1.1980.
The first stage involved the collection of real estate appraiser’s characteristics (physical and legal) over Cyprus with on-site property inspections using modern technology, processing of satellite imagery and other geographic data and taking full advantage of the integrated Land Information System.
The second stage included pricing analysis based on comparative sales, construction costs and other items on or about 01.01.2013 in each geographical region by urban area and type of property. Also, adjustments were made for the individual characteristics of each property, both for the land (area, access, location, shape, etc.) and for buildings (size, age, class, status, etc.).
The third stage involved carrying out mass computerized assessment in accordance with international standards and with the support of specialized software. The fourth and final stage included the necessary quality checks to ensure the validity of prices.
Citizens can be informed about the revised valuations of their property either online at the Department of Land and Surveys website using the Title Deed or information about the property’s location. Also, they can be informed by the Municipalities and Communities in which the property is located.
In case of an error or omission on the characteristics of the property such as size, year of construction, access, urban zone etc., the owner may apply for an error correction without paying any fees.
It should be noted that the revised property valuations will be used as a basis for taxation purposes only; thus, the immovable property for the year 2015 will be taxed based on the new General Valuation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought on your specific circumstances.