Recently Egypt has modified their property tax law also introducing new exemptions and removing a provision by which an individual was taxed on the total amount of residential property they owned. Residential properties worth up to USD280, 000 are exempt from the tax, and the move will benefit owners whose total property portfolios are higher than this threshold.
Further they introduce a cap on revaluations, of 30 percent for residential properties and of 45 percent in other cases. Properties will be valued every five years by local committees consisting of tax officials and property-owners. However the tax will be applied retroactively, from July 2013.
