Egypt’s government expects to collect around LE2.7 billion (roughly $388.5 million) in revenues from property taxes imposed on 15 million units and that have been counted by the tax authority’s committees, reported the state-owned Arabic-language news website Al-Ahram Thursday.
Hassan Abbas, head of Egypt's Property Tax Authority, said that there are 17,000 constructed factories under assessment of the taxing committees to determine their cash commitment.
Egyptian property owners will receive a note from the tax authority in July informing them of the sum they are required to pay in property taxes, Abbas stated Wednesday.
He added that property owners would have 60 days in which to file an appeal if they believe the requested amount has been overestimated. The government must reply to all appeals within 30 days.
Recent amendments to a 2008 property law exempted single-home owners from the tax and raised the bracket for taxable properties from LE500,000 (roughly $72,000) to LE2 million (roughly $287,000).