The Government of Cyprus is discussing a bill which will change tax rates on real estate, reported the online source Cyprus News, the Property . This innovation is one of the conditions for granting financial assistance to Cyprus. If the bill is approved by Parliament, the proceeds from the collection of the tax on real estate can bring the state about 131 million euros per year. According to the source, the tax will be calculated based on the appraised value of the property on January 1, 1980 for the property value of 12 500 euros owners will pay 50 euros per year, from 12 500 to 40 000 EUR - 0,4% of the value of 40 000 up to 120 000 euros - 0.6%, from 120 000 to 170 000 euros - 0.8%, from 170 000 to 300 000 euros - 1%, from 300 000 to 500 000 euros - 1.2%, from 500 000 up to 800 000 euros - 1.4%, from 800 000 to 3 million euros - 1.6% for property worth more than ˆ 3 million - 1.8%. Representatives of the Cypriot authorities have also noted that in some areas of Cyprus, for example, in Limassol, Nicosia and Larnaca, houses and villas, valued at several million euros, were built without a permit and are registered as land. And by June 2013 it is planned to collect data on such objects, and perhaps in this law will be made adjustments. HomesOverseas.ru
The Government of Cyprus have to change the tax on real estate
26.04.2013
Homesoverseas.ru editorial office
23
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