Archive for March 7, 2015

Valuations for land tax in Cyprus

Oral arguments were heard before Justice York on June 30, at which time Justice York made clear that he would probably not be able to issue a decision by August 2, the date the law was scheduled to go into effect. It is unclear at this time when Justice York will issue his decision. Allows the use of encapsulants approved by the State Department of Health, HPD, or other government agencies (13 encapsulants are deemed acceptable by the State DOH; that list is contained on the HPD website).

Allows the use of encapsulation to qualify a unit for exemption from the presumption of lead paint, provided that the encapsulant was applied by an EPA-certified worker and performed in accordance with manufacturer’s requirements. The qualities will supplant the so far refered to Market values as at 1.1.1980, which structures the reason of the property, common obligations, capital increments et cetera, with an alternate valuation as at 1.1.2013.

Allows for temporary access to the work area where occupants are not relocated when the work area is properly cleaned, floor coverings containing lead dust and debris are removed, floors in the work areas are re-covered, etc. After landlord representative Harold Lubell proposed guidelines of six and nine percent, the meeting had to be recessed to allow raucous tenants to calm down.

Tenant advocates charged that Markus engineered a wider spread than usual between one- and two-year lease renewals. RSA has presented strong evidence before the Board that tenants take advantage of what has often been a small difference between the one- and two-year renewal options by selecting the two-year lease renewal to avoid the higher rent increases that result from successive one-year renewals.

The three-year lease option was discontinued for this reason, and RSA has called for eliminating the two-year option as well. The Board again rejected any supplemental adjustment for apartments with low rents. No vacancy allowance will be allowed other than the State-mandated vacancy allowance (17% on a one-year lease and 20% on a two-year lease under the new order, RGB Order No. 36).s

For stabilized lofts, the Board voted increases of 2.5% for a one-year lease and 5.5% for a two-year lease. RSA will publish complete details for implementing this year’s guidelines in a special July/August edition of this newsletter. Updates the code to establish the base date for Fair Market Rent Appeals and Overcharges as four years prior to any complaint, in conformance with the Rent Regulation Reform Act (RRRA) of 1997.