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Property tax unpaid by many large owners

Approximately half of all property owners whose properties are valued in excess of half a million Euros at 1980 prices have not paid their property tax analysis of the Tax Department data shows.

Property taxIN SPITE of this year’s generous 75% tax cut on property, a significant number of large property owners (those with properties valued above €500,000 in 1980 prices) have not paid their Immovable Property Tax.

Debts to the government are small compared to previous years. However, 345 large property owners owe the government €9.1 million out of a total amount of €17.4 million.

In addition, 293 businesses owe the government €8.4 million.

An analysis of the Tax Department data shows that the higher the value of the property, the more likely that the property owner has neglected to pay the property tax. For example, out of the individuals with properties valued between €800,000 and €3 million, 44.74% have not paid their tax. The opposite is true for those with properties of small or medium value.

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Readers' comments

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  • kylie says:

    When the discount end?

    Ed: To answer your question, please refer to the article ‘Immovable Property Tax discounts‘.

  • Mike says:

    And are we surprised. Hell no, and that is the tragedy. The comments below sum it up admirably.

  • Campbell Findlay says:

    What chance have us little guys got?Why don’t the Government chase these big debtors?

    Ans.They all use the same toilet (I’ve cleaned that up)

  • Peter Davis says:

    Well that’s a surprise, taxes in Cyprus not being paid to the Government by those owing the money. I thought none payment of taxes was a national sport here?

    Along with not paying foreign workers and failing to keep up payments on non-performing loans.

    The problem stems from the fact that the Government appears inept and impotent unable to sort out problems. Problems that should never have been allowed to fester. Problems such as the issuing of title deeds at the point of sale. So much talk and so little action.

  • Costas Apacket says:

    Surely these higher value property owners are protected by the pick & mix legal system in operation here?

    One rule for us another for you …

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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