Immovable Property Tax

  • Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to immovable property located in Cyprus owned by the taxpayer on 1 January of each year. This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax.
  • As from 1 January 2013, the bands and rates for Immovable Property Tax for properties situated in Cyprus have been revised as per table below which apply per owner, not per property. Property owners whose property has a total value of €12.500 or less (using values of 1.1.1980) are exempt from Immovable Property Tax.
  • 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

The following are not subject to Immovable Property Tax:

  • Public cemeteries
  • Churches and other religious buildings (partly exempt)
  • Public hospitals
  • Schools
  • Immovable property owned by the Republic
  • Foreign embassies and consulates
  • Common use and public places
  • Property under Turkish occupation
  • Buildings under a Preservation Order
  • Buildings of charitable organisations
  • Agricultural land used in farming or stock breeding, by farmer or stock breeder residing in the area

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