Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to immovable property located in Cyprus owned by the taxpayer on 1 January of each year. This tax is payable on 30 September
each year.

Physical and legal persons are both liable to Immovable Property Tax.

As from 1 January 2013, the bands and rates for Immovable Property Tax for properties situated in Cyprus have been revised as per the table below which apply per owner, not per property. Property owners whose property
has a total value of €12.500 or less (using values of 1.1.1980) are exempt from Immovable Property Tax.

Property value(as of 1 January 1980) Rate Accumulated tax
%
First 40.000 6 240
From 40.001 to 120.000 8 880
From 120.001 to 170.000 9 1.330
From 170.001 to 300.000 11 2.760
From 300.001 to 500.000 13 5.360
From 500.001 to 800.000 15 9.860
From 800.001 to 3.000.000 17 47.260
Over 3.000.000 19 ………

Exemptions

The following are not subject to Immovable Property Tax:

  • Public cemeteries
  • Churches and other religious buildings (partly exempt)
  • Public hospitals
  • Schools
  • Immovable property owned by the Republic
  • Foreign embassies and consulates
  • Common use and public places
  • Property under Turkish occupation
  • Buildings under a Preservation Order
  • Buildings of charitable organisations
  • Agricultural land used in farming or stock breeding, by farmer or stock breeder residing in the area
Immovable Property Tax 08/09/2014