NICOSIA, Cyprus -- Immovable property tax is payable by September 30 of each year based on the market value of 1 January 1980 of all immovable properties in Cyprus registered on the name of the taxpayer at the start of the year.

For 2013 the rates applied to each property based on value of 1980 are as follows: For the first €5,000 there is 0% of tax to be paid. For the next €35,000 is 0.6%, for the next €80,000 is 0.8%, and for the next €50,000 is 0.9%.

After that and for the next €130,000 goes up to 1.1%, for the next €200,000 goes to 1.3%, for the next €300,000 goes to 1.5% and for the next €2,200,000 the tax will be 1.7%

Finally,all houses that have a 1980 value of above €3,000,000 will have to pay a property tax of 1.9%

For 2013 the payment date has been extended to November 15, 2013. A penalty of 10% of the tax due will be imposed for late payments and a discount of 10% will be given to those, who will pay the tax min. 30 days prior due date.

The government announced on August 20 that there will be no minimum charge and that property with a 1980 value of €5,000 or less will not pay tax.


Contact
C. Savva & Associates Ltd
0035722516671
info@savvacyprus.com