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