(Source: http://www.sigmalive.com/en/news/economy/146977/property-tax-for-2016-to-be-at-25-of-price-in-1980#.dpuf )
A proposal on property tax put forward by the DIKO, EDEK, and Solidarity parties has passed in parliament with the support of DISY, Sigma reported on the scene on Thursday.
The proposal that was accepted for 2016, says that tax will be estimated at 25% of the prices in 1980.
Consultations, exercises using various taxation rates, and meetings on the side-lines helped all the parties reach a joint agreement, Sigma on the scene had reported.
The final proposal says that the tax will be calculated at 25% of the price of the property in 1980. Payments will be received up to October 31, and if the payment is made between November 1 and December 31 the rate will be raised to 27.5%.
If the payment is filed after December 31 there will be a 10% additional fee added to the price calculated on November 1 and December 31.
The proposal that was approved also mentions that there could be a complete abolition of the tax in 2017.
The proposal was passed by 29 MPs. Eighteen were against, and five MPs abstained.
A draft bill by the government was not passed as only 21 voted for the bills and 31 voted against.