The estimation that in the middle of 2022 the whole work of the General Estimation of the value of approximately 2.000.000 properties will be completed, all over Cyprus, at prices of January 1, 2021, carried out by the Department of Lands and Surveys, in collaboration with private appraisers, expressed the Deputy Director of the Department Elikkos Elias.
In statements to KYPE, Mr. Elias said that "upon completion of the work, the public will be informed to this end, in accordance with the provisions of the law and each owner will have the right to request correction of errors in the valuation of his property without time limit, as well as for the right to object to the value of the General Valuation within six months from the date of publication of the General Valuation ".
In the conduct of the new General Assessment, according to Mr. Elias, "private sector appraisers have been involved, for specific areas, whose cooperation has proven to be very useful and against the assessment in values 1/1/2018". He noted that this process was done by purchasing valuation services through offers.
He explained that the new General Assessment is made "for the purpose of ensuring a modern and uniform assessment of real estate within the entire Department controlled by the Republic of Cyprus, following a decision of the Council of Ministers".
The Deputy Director of the Department said that for this purpose, exercising the powers provided to him by Article 70 (a) of the Law on Real Estate (Ownership, Registration and Valuation), with a relevant notice dated November 5, 2021, he informed the public that "the General Appraisal, at prices 01.01.2021, has begun and I called on all property owners to provide the appraiser with all the necessary information related to the appraised real estate that the appraiser may require."
Finally, in relation to the previous general estimates of the value of the properties, Mr. Elias told KYPE that the first general assessment in Cyprus referred to the year 1920, the second in 1980, the third in 2013 and the last in 2018, while noted that "according to the law the general assessment must be repeated every three years".
Source: KYPE