Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property in Cyprus registered in the name of the taxpayer at the start of the year. With effect from 1 January 2013 the rates applied to each successive tranche of the 1980 value are as follows.
|
Band |
Rate |
|
First €40,000 |
0.6% (minimum charge €75) |
|
Next €80,000 |
0.8% |
|
Next €50,000 |
0.9% |
|
Next €130,000 |
1.1% |
|
Next €200,000 |
1.3% |
|
Next €300,000 |
1.5% |
|
Next €2,200,000 |
1.7% |
|
Above €3,000,000 |
1.9% |
Most private residential properties are likely to fall within the
lower bands. A penalty of 10% of the tax due will be imposed in the
event of late payment and a discount of 10% will be allowed if the
tax is paid 30 days or more before the due date.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
