Running Costs of Property in CyprusProperty Legal Information
Annual Running Costs
Immoveable Property Tax - Immoveable Property Tax is somewhat of a quirky legacy from the past, as the tax itself is based upon the value (like the old UK rateable value) of the property as at 1980, which obviously is considerably lower than current market values. Given that the first EURO 170,860 (at 1980 valuations) is tax exempt then invariably most properties are exempt from Immoveable Property Tax or need only pay an inconsequential amount. It is charged annually on a sliding scale as below:
Immoveable Property Tax
The first EURO 170,860 is exempt
EURO 170,861 to EURO 427,150 is charged @ 0,25% (EURO 2,50 per EURO 1,000)
EURO 427,151 and EURO 854,300 is charged @ 0,3% (EURO 3 per EURO1,000) Over EURO 854,301 is charged @ 0,4% (EURO 4 per EURO 1,000)
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