Privately owned land in
"It appears we have private property worth a total of €200 billion," Hasikos told reporters after a cabinet meeting. "This does not include Turkish Cypriot properties and state land."
As part of the bailout,
Until 2013, property owners were taxed based on 1980s values with many paying peanuts and others nothing at all.
Completion of the process paved the way for the finance ministry and the inland revenue department to set new, lower, IPT rates.
"We have said that the tax will be lower than last year," Hasikos said.
This was due to the fact that the updating process has added some 300,000 properties to the mix.
"This is a job that should have been done every five years; in the
A bill approved by cabinet on Wednesday also includes provisions concerning objections and fees to be paid when submitting an appeal.
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