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New valuation of real estate from space

New valuation of real estate from space

In Cyprus, there are approximately 1.2 million units of real estate. Of which 200,000 were not included in the register of the department of land holdings until 2013 (this year, the authorities of the Republic of Cyprus conducted a reassessment and inventory of commercial real estate, land and housing). The amount of tax on this property is about one million euros (respectively, the state treasury received less money for this amount). With a view to solving this issue in the Republic of Cyprus from 01.01.2018 a new complex valuation of real estate is being introduced. Now for the registration of property will be used photos of the terrain made by satellites from outer space.

One of the main requirements of international creditors (represented by the IMF, the European Commission and the European Bank) was the revaluation and registration of real estate objects given their market value. The fulfillment of these requirements enabled the Republic to receive 7 billion euros of credit.

For the first time the topic of real estate registration was raised at a meeting of the parliamentary committee on internal affairs. Committee Chairman Ellen Mavrou explained that in 2013 the last registration of real estate was carried out in Cyprus, and before that the amount of the tax was calculated based on the prices for the year 1980.

The main changes in the calculation of real estate tax:

The new complex valuation of real estate is introduced from 01/01/2018.
Every three years, revaluation and revaluation of real estate will be conducted using satellite imagery taken from satellites.
Every unconstrained owner of real estate with the results of the evaluation of his real estate has the right to apply to the department of land holdings with a demand to reassess his property.

To the authorities of the Republic of Cyprus, the assessment of real estate is primarily necessary for calculating tax on the purchase and sale of real estate, as well as levying taxes for garbage disposal and maintenance of sewerage and sewage systems.

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