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The proposal to change Immovable Property Tax (IPT) with thousands of Euro’s revenue for the Government has caused alarm.
 

The Ministers of Finance and Interior have sought to clarify the proposal saying the higher ceiling would only apply to property worth €1 million and over.
 

At present IPT is charged on a sliding scale for land or property based on the value in 1980, property valued under €170,000 are exempt from paying.
 

After a meeting between Finance Minister Charilaos Stavrakis and Interior Minister Neoclis Sylikotis, Stavrakis said “Only 2 per cent of Cypriots and those who have properties exceeding €1 million will be affected by the measure and not the 90 per cent that the opposition claims”
 

Officials expect more clarification on the exact changes in around four weeks when negotiations between the various parties should be concluded.
 

Initial estimations from the Ministry are that the law should be passed in less than one year, but more likely within 3 or 4 months.
 

This would involve revaluing land and property on the Island which the Landowners Association (KSIA) said was likely to take four or five years minimum to complete.
 

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