The Immovable Property Tax Law and the Immovable Property (Towns) Tax Law

The immovable property tax is levied on the market value of the property as assessed on the 1st January 1980 and it refers to the immovable property registered in the name of the tax payer on the 1st January of each year.

The rate of taxation is as follows:

VALUE OF PROPERTY IN CY£       RATE           CUMULATIVE TAX IN CY£
Value from     Value to

    -          100.000         0%                      0
 100.001       250.000         0.2%                  300
 250.001       500.000         0.3%                1.050
 500.001         over          3.5%

Owners of immovable property are also subject to minor taxation under other laws, such as municipal or village rates, sewerage fees and refuse collection charges, ranging from CY£50 to CY£100 per annum.

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You may also be interested in the following sites:

• BNA International
• Matthew Bander
• International Fiscal Services
• Kluwer Law International
• Sweet & Maxwell