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Promachonas Estate Agency Ltd, a Registered & Licensed Estate Agent with Registration No. 658 and License No. 17/E.

 

Immovable Property Tax is enforced as of the market value of the property on the 1st of January 1980 and applies to immovable property situated in Cyprus owned by the tax payer on the 1st of January of each year. The tax is to be paid on the 30th of September every year. Physical and legal persons are both liable pay Immovable Property Tax.

 

As of the 1st of January 2013, the tariff and rates of Immovable Property Tax for properties located in Cyprus have been modified. Please see the table below which applies per owner, not per property. Owners of a property which has a total value of €12.500 or less (as of the value of the 1st of January 1980) are exempt from paying Immovable Property Tax.

 

Immovable Property Tax Rates

 

Property value (as at 1 January 1980) €

Rate (%)

Accumulated tax (€)

First 40.000

6

240

From 40.001 – to 120.000

8

880

From 120.001– to 170.000

9

1,330

From 170.001– to 300.000

11

2,760

From 300.001– to 500.000

13

5,360

From 500.001– to 800.000

15

9,860

From 800.001- to 3.000.000

17

47,260

Over 3.000.000

19

 

 

 

 

 

Exemptions

 

Immovable Property Tax is not imposed on the following:

 

• Schools

• Churches and other religious buildings (partly exempt)

• Public hospitals

• Immovable properties which are owned by the Republic

• Foreign embassies and consulates

• Common use and public places

• Public cemeteries

• Buildings under a Preservation Order

• Buildings of charitable organisations

• Agricultural land used for farming or stock breeding, by a farmer or stock breeder residing in that area

• Property under Turkish occupation