immovable-TaxThe immovable property Tax is imposed on the market value of the immovable property as of 1st of January 1980 and applies on the immovable property of the taxpayer on 1st of January each calendar year.

 

The bands and rates have been changed recently by the House of Representatives and come into force as from 1st of January 2013.

The Immovable Property Tax must be paid before the 30th of September of each calendar year. If the Tax is not paid before the end of September, a penalty of 10% is applied on the amount of the tax due.

On the other hand if the tax is settled 30 calendar days before the last day of payment (on or before the 31st of August) then a 10% discount is going to be applied to the amount of Tax.

The band and rates as of 1st January 2013 are as follows:

Market Value of immovable Property as on 1st January 1980

Tax Rate%

  For each Euro from €1 – €40.000

0.6 %  (minimum tax €75)

  For each Euro from €40.001- €120.000

0.8%

  For each Euro from €120.001-€170.000

0.9%

  For each Euro from €170.001-€300.000

1.1%

  For each Euro from €300.001-€500.000

1.3%

  For each Euro from €500.001-€800.000

1.5%

  For each Euro from €800.001-€3,000.000

1.7%

  For each Euro from €3,000.001-

1.9%

 

Furthermore the bands and rates that were applied until 2012 are follows (Please note that all numbers are divided by a thousand.):

 

Market Value of immovable Property as on 1st January 1980

Tax Rate‰

  Years 1980-1983   For each Pound from  £1-

1,5‰

  Years  1984-1989   For each Pound from  £0 -£35.000

1,5‰

  For each Pound from 35.001 – £100.000

2,5‰

  For each Pound from £100.001 -£200.000

3‰

  For each Pound from £200.000 and above

3,5‰

  Years 1990-2002   For each Pound from £0 -£100.000

0‰

  For each Pound from £100.001 -£250.000

2‰

  For each  Pound from £250.001 -£500.000

3‰

  For each Pound from £500.000 and above

3,5‰

  Years 2003-2007   For each Pound from £0 -£100.000

0‰

  For each Pound from £100.001 – £250.000

2,5‰

  For each Pound from £250.001 -£500.000

3,5‰

  For each Pound from £500.001 and above

4‰

  Year 2008   For each Euro from €0 – €170.860,14

0‰

  For each Euro from €170.860,15 – €427.150,36

2,5‰

  For each Euro from €427.150,37 – €854.300,72

3,5‰

  For each Euro from €854.300,72 and above

4‰

  Year 2012   For each Euro from €0 -€120.000

0‰

  For each Euro from €120.001 – €170.000

4‰

  For each Euro from €170.001 – €300.000

5‰

  For each Euro from €300.001 – €500.000

6‰

  For each Euro from €500.001 -€800.000

7‰

  For each Euro from €800.001 and above

8‰

 

Exceptions

Public cemeteries
Public schools
Public hospitals
Immovable property owned by the Republic
Churches and other religious buildings
Foreign embassies and consulates
Listed buildings under a preservation order
Charity houses
Agricultural land (no buildings)
Common use areas
Occupied or inaccessible areas