TAX DEPARTMENT
IMMOVABLE PROPERTY TAX DIVISION
ANNOUNCEMENT
THE Tax Department wishes to announce that the immovable property tax for the year 2014 is due for payment until the 30th of November this year.
All companies, organizations and individuals, either residing in Cyprus or abroad, who had immovable property registered in their name in Cyprus as at 1.1.2014, are subject to Immovable Property Tax, if the total value of their property on 1.1.1980 is valued over €12,500.
In case you don’t receive a tax assessment during August or if you so receive, but not all of your immovable property is included therein, then you are obliged to file a declaration (?.?. 303 2014) and pay the correct amount of tax. For objections you can fill in the form ?.?. 15??? 2014.
In case where the property of a deceased person has not yet been transferred to the legal heirs, the legal heirs have an obligation to pay the correct amount of tax to the Tax Department; by incorporating the value of the share of the property inherited to their declaration.
Any objections can be raised by 30.9.2014, by visiting personally or through your agent, the I.P.T division of the District Office at which your file is kept, bringing with you the tax assessment or if you reside abroad, by submitting it through the following web pages and stating in a clear form the exact reasons of your objection.
Nicosia – iptnic@ird.mof.gov.cy
Limassol – iptlim@ird.mof.gov.cy
Larnaca – iptlca@ird.mof.gov.cy
Paphos – iptpaph@ird.mof.gov.cy
Famagusta – itaxplmi@ird.mof.gov.cy
The declaration form (?????? ?.?. 303 2014) is available on the web page http://www.mof.gov.cy/ird. Payment can be made by presenting the tax assessment at the Tax Collection Department of your district office or through the website www.jccsmart.com, and any of the Local Banks. Taxpayers, wishing to pay on-line through the website www.jccsmart.com, should insert the JCC reference number which is printed on the Immovable Property Tax assessment received and pay the tax due using their credit card details.
Taxpayers wishing to pay through any of the COOPs and any of the aforementioned Local Banks, should have with them the Immovable Property Tax assessment, their Identity Card and the amount of tax in cash or credit card.
The Department would like to bring to your attention that, if the I.P.T. is fully paid by 31.10.2014, a discount of 15% on the tax payable will be allowed. Any I.P.T. paid after 30.11.2014 will bear a 10% penalty plus interest and any other administrative charges imposed by the law.
For any further information, please refer to the Immovable Property Tax Division at the District Office of the Tax Department where your tax file is kept or visit our web page http://www.mof.gov.cy/ird.
Please find below useful telephone numbers of the Immovable Property Tax Division per District Office:
Nicosia – 22807488, 22807277
Limassol – 25803700, 25803746, 25803878
Larnaca- 24803658, 24803655
Famagusta/Paralimni – 23811458
Paphos – 26804342, 26804337
The Tax Department is looking forward to your co-operation and your prompt response in order to avoid unnecessary delays.
Notes
For guidance on completing ?.?. 303 2014 please refer to the translated form 303 (with example).
Copyright © Cyprus Property News
Copyright © Cyprus Property News
Hi Nigel, I have my receipt from last years IPT payment. Can I use this to pay this year or do I have to fill out the forms again
@Colin on 2014/08/04 at 4:48 am – I heard from someone in Paphos who recently took last year’s IPT demand to the Inland Revenue and paid this years IPT (and received the 15% discount).
@ Nigel. If you can provide us with a link for finding out our 1980s values, then there’s – at least – one lady here who will be extremely grateful.
@Deanna on 2014/07/29 at 2:01 pm – As much as I’d like you be extremely grateful, I can’t help. But I will be publishing an article shortly on how to find the latest revised valuation.
Thanks …
That would explain why I have never been asked for any money to date.
But it does leave the slightly worrying prospect of what I may get asked to pay in the future if I ever get title deeds or even if I manage to sell….. how then do I confirm what I may be asked for has actually been paid ???
@UBoat on 2014/07/29 at 11:23 am – I published an article at the beginning of March about Refunding developers’ Immovable Property Tax.
If you want to know the Land Registry’s assessment of the property’s 1980 value, you’ll have to wait until its Title Deed has been issued.
@Nigel — Thanks
Nigel – I have been searching all over the land registry website and cannot for the life of me find the valuation database.
Could you provide the link please – Thanks
@Richard Hernaman on 2014/07/29 at 10:40 am – The 1980 value of your property will be shown on its Title Deed. I’m trying to find the assessed value of my property at the moment, but the Department of Land & Surveys website is very slow. (I guess the site’s overloaded).
I plan to publish an article later today to explain how to access the information (I’m not sure whether it shows the 1980 value or the 2013 valuation – or both).
Does “registered in their name as at 1.1.2014” mean having their name on the registration document i.e. Title Deed at that time? If so surely in many cases it will be the developer or vendor, whose name does appear on the title deed, who will need to pay the IPT as they would be the legal owner. In cases where title has been transferred but not claimed by the buyer (very common in the ‘local’ market) then it would be the purchaser. Surely!
@Mike & @UBoat
The registered owner is the person/company whose name appears on the property’s Title Deed. These people will have paid the Property Transfer Fees at which time the property will be registered in their name.
Immovable property registered in their name ?
Does that mean a title deed and/or the certificate of intent to buy that property from the land registry ?