Annual Property Taxes and Fees

Annual Property Taxes and Fees


Annual Property Taxes and Fees

Immovable Property Ownership Tax.

The registered owner of the property has to pay an annual Immovable Property Ownership tax
calculated on the market value of the property as at 1st of January 1980 .

Immovable Property Tax is to be paid to the Inland Revenue Department of the Republic of Cyprus.

Rates are as follows:(with minimum tax €75)

Up to €40,000 0.60%
€40,001 – €120,000 0.80%
€120,001 – €170,000 0.90%
€170,001 – €300,000 1.10%
€300,001 – €500,000 1.30%
€500,001 – €800,000 1.50%
€800,001 – €3,000,000 1.70%
Over €3,000,001 1.90%

 

Local Authority Tax

Property taxes levied by the local authorities are payable annually and may vary, depending on the size of the property.
The tax covers the cost of garbage disposal, street lighting, etc.

Municipality Tax

The registered owner of the property has to pay an annual Municipality Tax, calculated
on the market value of the property as at 1st of January 1980. Rates differ from 1% – 2%.
Municipality tax is to be paid to the local municipal authority.

Sewerage Tax

The registered owner of the property has to pay an annual Sewerage Tax, calculated on the
market value of the property as at 1st of January 1980. Rates differ from 3% – 3,5%.
Sewerage taxes are to be paid annually to the local sewerage board.

Inheritance Tax

Inheritance Tax has been abolished with effect 1st January 2000, and is no longer imposed.

Communal Expenses

Communal expenses cover an owner’s share towards the cost of cleaning and maintaining a project’s communal areas,gardens, swimming pool, management fees and repairs.

These are payable at fixed intervals throughout the year and vary from development to development and from property to property.