Immovable Property Tax 2013

The House of Representatives voted recently the amendment of the Immovable Property Tax Law.  More detailed from 1st of January 2013 the Tax rates calculated based on the market value of the Immovable Property are:

Market Value of immovable Property

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%

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 due.

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

You can find the Tax rates that were applied until 2012 in the Cyprus Tax Facts/Tax on Immovable Property section of our website.

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