Owners of property worth more than LE2 million will be told in July how much property tax they're expected to pay; 60 days will be given to appeal valuations
Starting in July, Egyptian property owners will receive a note from the tax authority informing them of the sum they are required to pay in property taxes, Hassan Abbas, head of Egypt's Property Tax Authority, said on Wednesday.
Property owners will 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.
Notes will not be sent to owners of exempted properties. Recent amendments to a 2008 property law exempted single-home owners from the tax, and raised the bracket for taxed properties from those worth LE500,000 to those worth LE2 million.
According to the law, local committees are to be drawn up to estimate properties' rent values, 30 percent of which will be deducted to cover property maintenance expenses. The remaining figure will be taxed at a rate of 10 percent.
The application of property taxes in Egypt has been repeatedly postponed in recent years, but is now deemed crucial to curbing a widening state budget deficit.
Property taxes are expected to bring in between LE2 billion and LE3 billion in additional government revenues.
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