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Property tax exemption and eligibility
The article discusses the organization of property taxes on apartments and how they are applied. It clarifies that the tax is payable annually starting from January 1st after completing the connection procedures and assessing the rental value of the property. The tax is paid in two equal installments, although citizens can choose to pay it in full at the outset. The tax is not automatically imposed on every apartment; it is required that the net annual rental value does not exceed 100,000 Egyptian pounds, which is equivalent to a market value reaching up to 8 million pounds for the unit. Apartments that fall within this permissible limit are exempted. Experts explain that a declaration is necessary to register the property and determine its tax status, and it is used to assess the rental value. Paying the tax is not mandatory unless the value exceeds the specified threshold. Additionally, the tax assessment is based on the market valuation over a five-year period, with incentives for those who submit declarations and discounts of 25% available for residential units.
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