Immovable Property Tax

Immovable property tax is imposed on the market value of immovable property as at January 1st 1980 and it applies per owner, not per property. Property owners whose property has a total value of €12.500 or less are exempt from Immovable Property Tax.

Immovable Property Tax is imposed on the owner, individuals or legal persons, who as at 1 January of every year:

  • Owns immovable property in Cyprus which is registered on their names,
  • Has acquired immovable property but it was not registered on their names as at 1 January 2016,
  • Posses property under a lease agreement which was filed with the Department of Lands and Surveys.

Tax Rates

 Value of Property
(as at 1 January 1980)
Rate
Tax
Cumulative Tax
Up to 40.000 6 240 240
40.001 – 120.000 8 640 880
120.001 – 170.000 9 450 1.330
170.001 – 300.000 11 1.430 2.760
300.001 – 500.000 13 2.600 5.360
500.001 – 800.000 15 4.500 9.860
800.001 – 3.000.000 17 37.400 47.260
Over 3.000.000 19