Surveyors to submit all zone rate recommendations by March 17

Certified property surveyors have until March 17 to submit all their recommendations for the new property zone rates across the country.

According to the Finance Ministry decision, surveyors will have to bring the property rates used for tax purposes – known as “objective values” – to the same level as market prices, taking into account comparative data from realty transactions. This means that the objective values in some areas will increase while elsewhere they will drop.

The ministry’s circular provides for the gradual submission of recommendations, with 50 percent scheduled to be presented by February 21 and the rest by March 17.