Fawzi added that private real estate with a market value of less than EGP 2 million is exempt from the real estate tax
Real Estate holders have until the end of March, 27 days from now, to submit their real estate tax declarations, reminds the head of the Real Estate Tax Authority, Anwar Fawzi.
This applies to anyone who owns or benefits from real estate, wrote an official statement, adding that it can be submitted to any real estate tax office nationwide or through the "Digital Egypt" platform.
Fawzi added that private real estate with a market value of less than EGP 2 million is exempt from the real estate tax, adding that owners of these properties can submit an exception request.
A private housing unit with a market value of less than EGP 2 million will only have an annual tax of EGP 120, with those at a market value of 2.5 million at EGP 750, and the annual tax for properties with a market value of EGP 3 million will pay an annual tax of EGP 1380.
Housing with an annual rental value of under EGP 24K is also exempt, and can submit an exception request as well.
The taxes are meant to fund support to owners if the property is entirely or partially destroyed in a way that prevents the use of the property. In this event, owners can submit a request to the authority to assess and collect the tax.
Fawzi explained that tax returns for constructed real estate include submitting declarations for all built real estate, as well as new real estate, and modifications that change their features or how they are used and affect their rental value.
The real estate taxes are to be paid annually in 2 installments, with the first to be paid between the first of January until the end of June and the second installment to be paid between the first of July until the end of December.
