Egypt’s government is preparing sweeping amendments to the property tax law aimed at easing burdens on homeowners and boosting investment, officials said Monday.
Finance Minister Ahmed Kojok announced that the exemption threshold for private residential units will be doubled to 4 million Egyptian pounds (about $83,000), up from the current level equivalent to roughly 2 million pounds.
He said the package also includes electronic payment options, cancellation of penalties in certain cases, and a cap on late fees so they cannot exceed the original tax owed.
Property tax in Egypt is levied annually at 10% of the net rental value of a building, not its market sale price.
That value is reassessed every five years, with deductions for maintenance and insurance costs. Currently, homes are exempt if their net rental value is below 24,000 pounds a year.
The proposed changes would allow the Cabinet to suspend property tax during national crises or natural disasters, and streamline appeals against valuations.
Officials say the reforms are designed to relieve financial pressure on citizens and improve transparency.
The measures have received preliminary Cabinet approval but must still pass through parliament and be signed by the president before taking effect.