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 |