Cyprus Immovable Property Tax Reduction of Over 70% in 2016. IPT will be abolished in 2017

15/07/2016
The plenary of the House of Representatives voted on July 14, 2016 to reduce immovable property tax between 72.5% and 75% for 2016 and to abolish it from 2017 onward.

Immovable property tax from 2016 will be at 25% of the amount calculated with the existing provisions in place, that is to say its value on January 1st, 1980 provided that it is paid until October 31st 2016.
 
The new legislation also provides that in case the tax is fully paid between November 1st and December 31st the tax, which has to be paid, will be at 27.5% of the taxable amount on the basis of existing provisions in place.
 
It further includes the imposition of a penalty of 10% on the 27.5% of the taxable amount if it is not settled by December 31st 2016.
The legislation also provides the abolition of the tax from January 1st 2017 onward.
 
  Example 1 2 3 4 5 6 7
 Total Property Price  value as at 1980 in Euros 40.000 100.000 200.000 300.000 500.000 1.000.000 5.000.000
 Tax in 2015              
Last payment day 31/12/2015 240 720 1.660 2.760 5.360 13.260 85.260
  Discounet  17.5% (Payment 30  days before)  198 594 1.370 2.277 4.422 10.940 70.340
 Discounet  20 %  (Payment 30 days before) via JCC and Banks 192 576 1.328 2.208 4.288 10.608 68.208
  Payment after 31/12/2015 264 792 1.826 3.036 5.896 14.586 93.786
 Tax in  2016              
 Payment until  31/10/2016 60 180 415 690 1.340 3.315 21.315
 Payment until 31/12/2016 66 198 457 759 1.474 3.647 23.447
 Payment after 31/12/2016 73 218 502 835 1.621 4.011 25.791

 

 


LEPTOS ESTATES KEY PROJECTS

View All Projects

Adonis Beach Villas

Adonis Beach Village is Leptos Estates’ latest, most luxurious development, set in one of the most desirable locations in Paphos based on the success of the nearby ...

Coral Seas Villas

Coral Seas Villas is located on the coastline in a generally pristine area within walking distance to the Coral Beach Hotel, a 15 minute drive to the metropolitan city of...

Kamares Village

Leptos Estates has created one of the most exclusive developments in Cyprus that is amongst the most distinctive in the Eastern Mediterranean, Leptos Kamares Village. Thi...

Limassol Del Mar

Limassol Del Mar expresses the island's 'new wave' of architecture through its unique High-rise Curvilinear design, that fully capitalizes on the plot's 1...