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Next On July 1st the new General Real Estate Appraisal HOME • INSIDER • CYPRUS • On July 1st the new General Real Estate Appraisal
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The values of the 2 million properties, all over Cyprus, of the new General Estimation, with a reference date of January 1, 2021, will be published on Friday, July 1, 2022, said to the KYPE the Director of the Department of Lands and Surveys (TKX) Elikotas that the indications so far lead to the conclusion that the values of general assessment 1.1.2021, on average, are not expected to differ significantly from those of 2018. & nbsp;
At the same time, Mr. Elias announced that on June 1, 2022, the operation of the call center with a nationwide Cypriot telephone number, 17100, will be implemented.
Specifically, the Director of the Land Registry said that the Department proceeded to update the value lists and completed the preparation for the assessment through the automated mass rating system.
“At this stage, the quality and accuracy of the results and it is expected that, on July 1, 2022, the results will be posted on the website of the Department and will be available for information to anyone interested “, he underlined. & nbsp;
According to Mr. Elias, “the indications so far lead to the conclusion that the values of general assessment 1.1.2021, on average, are not expected to differ significantly from those of 2018”. & Nbsp;
“It is expected “, in some geographical areas, there may be very small increases in houses and apartments, but no substantial differences are expected”, he noted. & nbsp;
He also said that the new General Assessment has been informed by the competent tax authorities, most of which will use the new values from 2023.
Referring to the reasons for updating the values of real estate, Mr. Elias told KYPE that “the modernization of the General Appraisal, at regular intervals, results in fair and uniform taxation of real estate, because it includes new and old developments that were not recorded by the competent building authorities in the previous General Assessment, the modifications or upgrades of the urban zones are updated and the rate of age of the buildings is taken into account in prices of the new General Assessment “.
That is, as he explained, they are updated the values of the buildings, due to their age.
The Director of the Land Registry also said that the publication of the General Assessment is a “pillar of transparency of the real estate market and provides an indication of the market value of real estate”.
He also stated that the General Assessment is a useful financial tool, both for the purposes of monitoring the real estate market and the economy in general, and for the tax authorities.
In addition, he clarified that the value of the General Assessment of a property is not equal to its market value.
“The market value of a property is the price offered for it at a specific time and in conditions of a free, competitive and active market, provided that the parties to the sale are well informed about the property, its characteristics and rights/restrictions and at the same time act freely, effortlessly and prudently “, he added. & nbsp;
Therefore, the market value differs from the value of the General Appraisal, he noted. assessment was made with prices on January 1, 2013 and the second with prices on January 1, 2018.
More direct and friendly service to the citizen
In addition, Mr. Elias told KYPE that for the new General Assessment, as well as for the other activities of the TCC, the priority was to improve the information, but also to serve the citizens.
To the For this purpose, as he said, the operation of the call center will be implemented on June 1, 2022.
He stated that this center has a unique pan-Cypriot telephone number, 17100, which can be called citizens and the number + 357-22804900 for calls from abroad.
Note that in case of internal call, the charge will be the one corresponding to a local call and in case of external call, it will be the one corresponding to an external call, depending on the country from which the call is made.
The Director of TKX recommended to the citizens that, before any telephone call, to visit the Land Registry Portal at the electronic address https://portal.dls.moi.gov.cy, where there are posted information, instructions and forms for all types of applications/work accepted or processed by the TCC, so through them they will be able to receive a first update on the issues that interest them. & nbsp;
He also said that the TCC also provides the opportunity to submit questions via e-mail or through the Land Registry Portal, at https://portal.dls.moi.gov.cy/en- gr/Pages/Contact-Us.aspx. & nbsp;
“Citizens who have the opportunity are advised to choose these ways of communication and not the call center”, concluded Mr. Elias.