The Department of Cadastre and Land Surveying announces that the New General Valuation has been completed and published, at values of 1.1.2021, in accordance with the provisions of Article 69 (1) of the Real Property (Possession, Registration and Valuation) Law, Chapter 224. The New General Valuation is the fifth consecutive General Valuation, following those made for the years 1920, 1980, 2013 and 2018. It should be noted that following an amendment to the legislation, General Assessments will now be made every three years.
The modernization of the General Assessment, at regular intervals, results in the fair and uniform taxation of real property and in particular is utilized by Municipalities/Communities and Drainage Boards, etc., to calculate the amount of fees imposed on real property. It should be noted that within each new general assessment, new as well as old developments that were not recorded in previous general assessments are included. Also, modifications/upgrades of urban planning zones are updated and the coefficient of the age of buildings is taken into account in the prices of the new general assessment.
In addition to the above, the publication of the General Assessment is a pillar of transparency of the real estate market, provides an indication of the market value and performance of real estate and directs potential sellers and buyers of real estate, as well as investors in this important sector of the economy. In addition, it allows citizens to check the characteristics of their properties, which are used for the general assessment of the value of their property.
With the new General Valuation, 1,093,495 land parcels (fields/plots) and 566,553 units (apartments, maisonettes, shops) were assessed, i.e. a total of 1,660,048 properties. The total value of the properties assessed is estimated to exceed 186 billion euros, compared to approximately 182 billion, which was the total value of real estate on 1.1.2018. On average, the values of the General Valuation 1.1.2021 do not differ significantly from the corresponding values of 1.1.2018. There are very small increases in the values of houses and apartments, while in the case of fields and plots of land there are also some decreases. The largest increases, which are also not significant, are observed in apartments and houses in the Limassol District.
It is stressed again that the General Valuation value of a property is not equal to its market value. The market value is the price offered for a property, at a specific time and under the conditions of a free, competitive and active market, provided that the parties to the sale are well informed about the property, its characteristics and its rights/limitations and at the same time act freely, effortlessly and prudently. In contrast, the General Valuation is generalised and carried out en masse, without assessing in detail the specific characteristics of each property, but groups of properties with similar physical and legal characteristics. Therefore, the market value may differ from the General Valuation value.
In view of the publication of the New General Valuation, owners are invited to visit the online website "Land Registry Portal - Navigate to Maps" in order to study the characteristics of their properties and if they consider them to be incorrect, then they can submit an online request for "error correction", without paying any fee. If the property characteristics are correct, but there is still a disagreement among the owners as to the amount of the General Assessment, then they have the option, until 31.12.2022, to submit an online application to "object to the General Assessment", with the assistance of a private appraiser registered with the NRC, at which time they will be required to pay the specified application fees. These fees depend on the value of the property and range from €37.50 to €375 as follows.000/ €375
For more information, owners are encouraged to visit the "Land Registry Portal" website at:
https:/portal.dls.moi.gov.cy/el-gr/homepage/Pages/default.aspx. Explanatory videos are available on the Portal both for examining the characteristics of a property and for how to submit an "error correction request" or "general assessment objection". In addition, owners can contact for information/questions the nationwide helpline number 17100, (+357-22804900 for calls from abroad), or submit their query online at https:/portal.dls.moi.gov.cy/el-gr/Pages/Contact-Us.aspx.
(Ephys)
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