Currently, owners of facilities worth more than € 427 000 are taxed at the rate of € 3,5 per thousand euros. Tax facilities for the price of which exceeds € 850,000 is € 4 per thousand, the magazine writes Cyprus Property Magazine.

However, these rates are calculated at prices 20 years ago. In addition, several building projects are registered as land or farms.

Cypriot authorities intend to reassess all the properties of the island. In this they have gone about five years. In the meantime, they are going to increase taxes for property owners a cost of € 10 million so at the island, there are 1,800 people. Officials promise to enact a law as soon as possible.

After the revaluation of real estate tax rates will be raised for other owners.