The immovable property tax is imposed on the owner (individuals and legal per sons) of immovable property which is situated in Cyprus. The tax is calculated on the market value of immovable property on 1 January 1980, and is payable by self - assessment. For the tax year 2015, the immovable property tax is calculated in accordance to the below rates:
No tax is payable if the value of the property does not exceed the amount of €12.500.
Tax is payable either by Cypriot tax residents or non - Cypriot tax residents who as at 1.1.2015:
The Council of Ministers has voted amendments to the Immovable Property Tax Law, which have been enacted into the immovable property tax Law of 2015. The amendments have been published in the official Gazette of the Republic on 18 Sep. 2015