Under amendments to the Immovable Property Tax law, owners of immoveable property property in Cyprus are now liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January 2013, on the basis of the assessed valuation as at 1 January 1980. For subsequent tax years, the basis of assessment is expected to be amended and to be based on current property values.
On the 27.09.2013 the Immovable Property Tax law was further amended by Law 114(I)/2013. The latest amendment to the legislation has removed the minimum immoveable property tax payment of €75 but has exempted property owners from payment of immoveable property tax if their total value of their property as at 1.1.1980 values is less than €12,500.
|1980 Property Value||Annual Property Tax||Accumulated Tax|
|1 – €12.500||.-.||€0|
|€12.501 – €40.000||0.60%||€240|
|€40.001 to €120.000||0.80%||€880|
|€120.001 to €170.000||0.90%||€1.330|
|€170.001 to €300.000||1.10%||€2.760|
|€300.001 to €500.000||1.30%||€5.360|
|€500.001 to €800.000||1.50%||€9.860|
|€800.001 to €3.000.000||1.70%||€47.260|
|More than €3.000.000||1.90%|
The legislation provides that the tax is payable no later than the 30th of September of each year. Our previous updates on this matter are relevant.
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Theodorou Law is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.