Property Tax

It is computed at the standard rate of 15% on the net assessable value of the property for the relevant year of assessment. A year of assessment runs from 1 April to 31 March of the following year. It is computed by following a tax formula that includes the following variables: rental income, irrecoverable rent, rates paid by the owner, and statutory allowance for repairs and outgoings. To this net assessable value (“NAV”) the standard rate is applied unless personal assessment is chosen.