The General Valuation 2013 in Cyprus: Experiences and Good Practices
The General Valuation has a very significant role to play in Cyprus’ economic environment because it forms the basis by which all property taxes are levied. It is considered as a very important land management tool, as it seems the only way of raising income both for the central and local governments. In addition, the revaluation procedure annually, or at short intervals can support fiscal decisions at a higher level as well as bringing about more transparency and minimizing externalities in the property market. The need to improve the efficiency and effectiveness of General Valuation Systems has been acknowledged nowadays than ever before, due the global economic crisis and the need to increase public and local finance.