PROPERTY owners (i.e. those with the Title Deed to a property registered in their name) will receive a notice by 15 September to pay their Immovable Property Tax.
Imposed on all owners of property as part of the bailout package agreed with Cyprus’ international lenders, notices concerning large properties have already been sent by post.
Property owners may benefit from a 10 per cent discount if they pay before 16 October, while those who delay payment until after 15 November will pay a 10 per cent surcharge on their tax bill.
Taxpayers can pay either at the Inland Revenue offices or electronically (presumably using TAXISnet) by citing a reference number attached to the payment notice.
Properties belonging to the same owner will be considered as a whole and Immovable Property Tax will be imposed on their total value.
Tax estimates for this year are based on 1980 values of property, while as of next year a new valuation will be made based on the current value of properties.
At the present time it is unclear whether the tax demands will be printed in different languages to cater for non-Greek speaking property owners.
Immovable Property Tax bands for 2013, English translations of the required forms and guidance on payment may be found at Money off your Immovable Property Tax bill.
Update 20 August
Earlier today the cabinet met in Troodos where it was announced that those with properties whose 1980 value was €5,000 or less will be exempt from paying IPT. (This has to be approved by Parliament)