BUSINESS

Surveyors to undertake new revision of property zone rates

PROKOPIS HATZINIKOLAOU

TAGS: Property, Taxation

The Finance Ministry is proceeding with a new revision of properties’ taxable rates, known as “objective values,” to apply from the first half of 2019.

The department of objective values has started working on the project and is expected to have submitted its proposals to the political administration of the ministry by the end of the year. The department will table a plan for the adjustment of the zone rates in every area where distortions have been identified as well as in locations where the zone rates did not change this year due to lack of data.

Sources say the adjustment process will again be conceded to special property surveyors, who will have more time to deliver their work this time. The surveyors will continue the process in its next stage in 2020 if that is deemed necessary, as the digital system of automatic adjustment is not ready yet.

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