- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

IPT payment deadline extended

THE HOUSE plenum last night unanimously passed a law extending the deadline for payment of immovable property tax (IPT) by a month, as well as extending by one month the 15 per cent discount.

The legislative proposal, tabled by EDEK MP Nicos Nicolaides, provides that the latest payment date for IPT will be December 31, instead of the end of November as had been announced. Homeowners will receive a 15 per cent discount if they settle their account by November 30, instead of the end of October.

A 10 per cent penalty plus interest and other administrative fees will be charged if IPT is paid after December 31.

During debate at the House, ruling DISY said it was in favour of this particular extension, provided however that this practice does not become the norm.

Many homeowners were finding it difficult to make IPT payments which time-wise coincide with the payment of municipal tax.

DISY’s Prodromos Prodromou said the government would try to introduce changes so that the two payments do not coincide.

As part of a bailout by international lenders, the government was supposed to have updated real estate values by mid-2014, but in July, the parliament decided that this year’s IPT rates would be based on 1980s values, like last year, while the new system is expected to be implemented in 2015.