Immovable property tax is payable by 30 September each year on the market value as at 1 January 1980 of all immovable property in Cyprus registered in the name of the taxpayer at the start of the year. With effect from 1 January 2013 the rates applied to each successive tranche of the 1980 value are as follows.

 Band

 Rate

 First €40,000

 0.6% (minimum charge €75)

 Next €80,000

 0.8%

 Next €50,000

 0.9%

 Next €130,000

 1.1%

 Next €200,000

 1.3%

 Next €300,000

 1.5%

 Next €2,200,000

 1.7%

Above €3,000,000

 1.9%


Most private residential properties are likely to fall within the lower bands. A penalty of 10% of the tax due will be imposed in the event of late payment and a discount of 10% will be allowed if the tax is paid 30 days or more before the  due date.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.