In order to ensure a modern and uniform valuation of the immovable property located across the country, the Council of Ministers has so far ordered three general valuations at 01.01.2013, 01.01.2018 and the most recent one at 01.01.2021. This value forms the basis for tax purposes and cannot be used for other purposes such as purchase/sale, investment, borrowing, compulsory acquisition, etc.
Carrying out a new general valuation is a complex task. Thus the Department of Lands and Surveys has divided the process of carrying out a new General Valuation into four stages:
(a) Collection of valuation characteristics of properties (natural and legal) across the country, through on-site property inspections, using modern technology, processing satellite images and other geographic data, and making full use of the integrated Land Information System.
(b) Price analyses based on comparative sales, construction costs and other data, dated in or around the year of the general valuation, for each geographical area, categorised by town planning zone and type of property. Adjustments are made for the individual characteristics of each property, both for the land (area, access, location, shape, etc.) and for the buildings (area, age, category, condition, etc.).
(c) Carrying out a mass computer-assisted valuation, in accordance with international standards and supported by specialised software.
(d) Quality control to ensure the validity of prices
When and how can owners be informed: Property owners are able to obtain information on the new general valuation of their property through the website of the Department of Lands and Surveys or by calling 17100 for domestic calls or +35722804900 for calls from abroad, or from the competent local authorities (Municipalities and Communities).
Right to request correction of an error: In case of finding an error or omission in the characteristics of the property, such as the area, year of construction, access, town planning zone, etc., the owner may file a request for correction of an error online without paying any fee. The request for correction of an error may be submitted at any point in time after the publication of the results of the general valuation.
Right to object: Those property owners, who disagree with the value of the General Valuation and not with the characteristics of their property, may file an objection online, after paying the appropriate fees for the administrative cost of examining the application. The electronic application for an objection to the general valuation may be filed within 6 months from the date of publication of the prices in the Official Gazette of the Republic. For the latest General Valuation of 01.01.2021, the deadline for the submission of an objection is 31 December 2022. The electronic objection should be documented as stated in the law, i.e., accompanied by a valuation carried out by a private valuer, member of ETEK (Cyprus Scientific and Technical Chamber). Before filing an objection to the general valuation, the owner is advised to verify that the characteristics of his/her property are correct. The table below shows the fees for filing an application for an objection to the general valuation.
Property Value according to the General Valuation(€) | Fees (€) |
1 – 100.000 | 37,50 |
100.001 – 500.000 | 75 |
500.001 – 1.000.000 | 150 |
>1.000.000 | 375 |
